U.S. existing home sales fall 9.6 percent

A three-month-long rebound in nationwide existing home sales ended last month as transactions for single-family homes, townhomes, condominiums and co-ops fell by 9.6 percent, the National Association of Realtors said in a report today. According to NAR’s figures, 4.88 million existing homes sold in February, down from 5.4 million in January and from 5.02 million in February 2010. The median price, $156,100, was also down 5.2 percent from February 2010, as discounted, distressed homes accounted for 39 percent of the market, up from 35 percent last year at that time. “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers,” said Lawrence Yun, chief economist for NAR. TRD

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