Friday, April 22, 2011

Existing-Home Sales Rise in March 2011

According to the National Association of Realtors, existing-home sales rose in March by 3.7% to a "seasonally adjusted" annual rate of 5.10 million in March from 4.92 million in February, but are still 6.3% below the 5.44 million sold in March 2010.

NAR chief economist, expects the improving sales pattern to continue but cautions that not every month will show a gain since it is still very difficult for some buyers to obtain a mortgage.  For those that qualify for financing, monthly mortgage payments as a percent of income have been at record lows.  Data from Freddie Mac and Fannie Mae have tightened requirements to obtain conventional mortgage, with the average credit score rising to about 760 in the current market from nearly 720 in 2007.  

Home prices are still on the decline.  The national median existing-home price for all housing types was $159,600 in March, down 5.9% from last year. Distressed homes—typically sold at 20% discount, accounted for a 40% market share in March, up from 39% in February and 35% in March 2010.

Looking at all this regionally, in the South, existing-home sales rose 8.2% but are still 1.0% below sales in March 2010. The median price in the South was $138,200, down 6.6% from a year ago.

For more information, visit www.realtor.com.

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