Existing single-family home sales in March rose 4.0 percent to a seasonally adjusted annual rate of 4.45 million from 4.28 million in February, according to stats released by the National Association of Realtors (NAR). Still, sales remain 6.5 percent below the 4.76-million level in March 2010. The median existing single-family home price was $160,500 in March, down 5.3 percent from a year ago.
Overall, existing home sales increased 3.7 percent to a rate of 5.10 million in March from 4.92 million in February, but are 6.3 percent below the 5.44-million pace in March 2010. NAR noted that sales were at elevated levels from March through June of 2010 in response to the homebuyer tax credit. The national median price for existing homes of all types was $159,600 in March, down 5.9 percent from March 2010. This is an improvement after February home prices reached a nine-year low of $156,100.
In response to the improved numbers, NAR Chief Economist Lawrence Yun said, "Existing-home sales have risen in six of the past eight months, so we're clearly on a recovery path. With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain, primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows."
