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Existing home sales drop in February

Wednesday, March 21, 2012

The National Association of Realtors reported today that existing home sales declined by 0.9% in February. Year-to-year existing home sales rose by 8.8%.

The Northeast and West fared the worst in February with a 3.3% and 3.2% decrease in the sale of existing homes. However, during the same month the sales in the Midwest grew by 1% and the South grew by 0.6%.

In February existing home prices increased by 1.29% to $156,600. (The average price in June 2011, was $175,000.) Price increases in the West and South fared better at 3.1% and 1.8%, respectively. Prices in the Northeast dropped by 1.9% and the Midwest by 0.5%.

Over the past several months housing statistics have been rather mixed, which potentially signaled that the market had reached a bottom and was struggling to recover. Prices continued to fall while sales were increasing. While now it seems that the opposite has occurred, movements in these very important statistics are minimal and relatively flat. This may indicate a consolidation and could possibly predict that the market is poised for a rebound.

According to NAR, existing home sales for February dropped slightly while increasing in the Midwest and South.

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Keywords: existing home sales, real estate, relocation

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