Home sales fell 7.1 percent in March

New York /
Apr.April 28, 2009 03:42 PM

The National Association of Realtors reported a 7.1 percent decline in existing home sales in March compared to March last year. Lawrence Yun, NAR’s chief economist, said he thinks the market is stabilizing and is experiencing modest monthly ups and downs.

Yun said the share of lower priced home sales has actually trended up, indicating that many first-time buyers are driving the current market. First-time buyers accounted for 53 percent of transactions in March, NAR reported.

NAR President Charles McMillan stressed the necessity of first-time buyers in this current market.

“With large numbers of first-time buyers entering the market it will become a little easier for sellers to trade up or down, according to their needs,” McMillan said in the report.

While first-time buyer purchases might be increasing, the Northeast region saw an overall 8 percent decline in existing home sales in March, bringing the number 22.5 percent lower than it was a year ago. Median prices have also been decreasing across the country, especially in the Northeast where the median price fell 18.4 percent to $231,700 from March 2008.


Related Articles

arrow_forward_ios
Redfin CEO Glenn Kelman (Getty, Redfin)
Pocket listings exclude minority homebuyers, Redfin CEO says
Pocket listings exclude minority homebuyers, Redfin CEO says
Every region except the Midwest saw month-over-month and year-over-year increases in pending sales. (iStock)
Pending home sales rebound
Pending home sales rebound
Home sales fall while prices reach all-time high
Home sales fall while prices reach all-time high
Home sales fall while prices reach all-time high
(iStock)
Pending home sales plunged nearly 11% in February
Pending home sales plunged nearly 11% in February
(iStock/Illustration by Kevin Rebong for The Real Deal)
Survey finds huge pay gap between white and Black realtors
Survey finds huge pay gap between white and Black realtors
(iStock/Illustration by Kevin Rebong for The Real Deal)
Home sales drop in February as inventory remains at all-time low
Home sales drop in February as inventory remains at all-time low
Rex CEO Jack Ryan and Zillow CEO Rich Barton. (Jack Ryan via LinkedIn, Rich Barton via Zillow Group)
Startup sues Zillow for suppressing lower-fee listings
Startup sues Zillow for suppressing lower-fee listings
Home sales were the busiest January on record, but still the fifth month of decline in a row. (iStock)
Pending home sales fall for fifth consecutive month
Pending home sales fall for fifth consecutive month
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...