Wednesday, April 20, 2011

Existing Home Sales Rose in March

 Sales of existing homes rose 3.7 percent in March to a 5.10 million-unit rate from an upwardly revised 4.92 million-unit pace in February. Distressed sales, however, accounted for 40 percent of all transactions.

Existing Sales Rose, but Housing Is Still Correcting

Home Prices Still Under Pressure

Sales of existing homes rose 3.7 percent in March with increases in nearly every region - sales in the West fell 0.8 percent. While the increase is encouraging, we still do not see the gain as the start of a genuine recovery. Distressed transactions still account for a significant portion of total sales at 40 percent. All-cash transactions increased to a new record of 35 percent and investors accounted for 22 percent of sales.

With foreclosures and short sales accounting for a larger share of transactions, median and average sale prices still remain below year ago levels. The median price of an existing single-family home is down 5.3 percent over the past year to $160,500, while the average price has declined 3.1 percent to $208,100. At the current rate of sales, it would take 8.1 months to clear the supply of single-family homes.

Average Sale Price: Mar @ $208,100

Median Sale Price: Mar @ $160,500

Distressed Home Sales 55% Percent of Total Sales

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