Home sales fell 7.1 percent in March

TRD 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
Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

US home sales slide again in June as prices hit all-time high

US home sales slide again in June as prices hit all-time high

(Credit: iStock)

US existing home sales bounce back in May as spring buying season heats up: report

Propy CEO Natalia Karayaneva (Credit: iStock)

NAR’s venture capital arm is now a blockchain investor

President Donald Trump addresses the National Association of Realtors on Friday (Credit: Getty Images)

“I feel like home”: Trump touts economy, gushes over agents at NAR conference

NAR CEO Bob Goldberg (left) and Crexi CEO Michael DeGiorgio

NAR inks partnership with Crexi

Is the tax overhaul law impacting real estate?

Is the tax overhaul law impacting real estate?

National Cheat Sheet: Blackstone Group plans to become a corporation, NAR hit with new antitrust suit  … & more

National Cheat Sheet: Blackstone Group plans to become a corporation, NAR hit with new antitrust suit … & more

arrow_forward_ios
Loading...