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
The report shows the small uptick among single-family homes, townhomes, condominiums and co-ops. (iStock)
After rebound, existing home sales growth slows in October
After rebound, existing home sales growth slows in October
Homes are selling at a the fastest rate we've seen since 1989 (Getty)
Buyers, don’t blink: More U.S. homes selling in one week
Buyers, don’t blink: More U.S. homes selling in one week
Nationwide contract signings cool in September as buyers await fresh options
Nationwide contract signings cool in September as buyers await fresh options
Nationwide contract signings cool in September as buyers await fresh options
Existing home sales were on the upswing in September following a slight dip in August. (iStock)
Existing home sales rebound in September, rising by 7%
Existing home sales rebound in September, rising by 7%
Contracts rose everywhere, especially in the South and Midwest (Unsplash / Birgit Loit)
August home contract signings rise after 2 months of decline
August home contract signings rise after 2 months of decline
Home sales dipped in August after two months of increases
Home sales dipped in August after two months of increases
Home sales dipped in August after two months of increases
The number of homes under contract fell 1.8 percent in July, the second straight month of declines as eager buyers await more supply. (iStock)
Fewer homes, fewer contracts: pending home sales dip again in July
Fewer homes, fewer contracts: pending home sales dip again in July
Out of pocket plaintiff: Judge rules against TAN in NAR antitrust case
Out of pocket: Judge strikes down challenge to NAR’s off-market listing ban
Out of pocket: Judge strikes down challenge to NAR’s off-market listing ban
arrow_forward_ios

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

Loading...