Tuesday, April 22, 2008

Existing Home Sales

The US housing market continued its downward slide into March, as resales of homes and condos fell 2% for the month. Sales fell from a seasonally adjusted annualized rate of 5.03 million in February to 4.93 million in March. The number was in-line with economists expectations. Resales of US homes have fallen 19.3% in the past year.

Sales of single-family homes fell 2.7% in March and are down 18.4% in the past year. Condo sales rose 3.6%, but are down 25.5% in the past year.

Regionally, resales fell 6.5% in the Midwest and 3.5% in the South. Sales rose 2.2% in the Northeast and West.

Inventories of unsold homes increased for the month, gaining 1% to 4.06 million units for sale. That represents a 9.9 month supply.

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