Total sales of existing homes were at a seasonally adjusted rate of 5.04 million units in the third quarter,
up 2.6 percent from 4.91 million units last quarter but were 7.7 percent below the 5.46 million units reported a year ago, according to NAR’s latest quarterly survey.
The
median home price fell in 120 of 152 U.S. metro areas compared to the third quarter of 2007. Only 28 metro areas showed price increases while four areas remained unchanged.
Foreclosures and short sales accounted for as much as
40 percent of all transactions during the third quarter, which pushed down the national median price of existing single-family homes to $200,500, which is 9 percent lower than the third quarter of 2007.
“Affordability conditions have consistently been a major factor in driving sales,” says NAR’s chief economist Lawrence Yun. “Historically during recessions, buyers have responded to incentives and it’s important for the government to keep that in the forefront of stimulus decisions.”
# posted by
Anna-Lise Troup @ 8:10 AM