Existing home sales down 19.3 percent in March 2008

The National Association of Realtors reports:

In March the annual rate of existing homes for sale seasonally adjusted was down 19.3 percent compared with March of last year. Median home price year-on-year rate declined by 7.7 percent but was slightly higher in March compared to February. Inventories of unsold existing homes was about 1 percent higher in March at 4.06 mln units.

Market participants saw tentative signs of stabilization and stocks moved higher initially after the release of the numbers. It seems that existing home sales have found a first bottom pulled lower by an initial surge of ARM related foreclosures.

Lawrence Yun, chief economist for the Realtors, expects sales to improve in the second half of this year, helped by an improved availability of mortgage-backed insurance from the Federal Housing Administration and higher limits for jumbo mortgages.



source: Existing-Home Sales Slip in March
NAR, April 22, 2008
http://www.realtor.org/press_room/news_releases/2008/existing_home_sales_slip_in_march.html

source: March Existing Home Sales
http://calculatedrisk.blogspot.com/2008/04/march-existing-home-sales.html