Drop in home sales slows to 6.6 percent
posted in Market Watch, Real Estate News |
Associated Press
May. 15, 2007 07:42 AM
In the trade group’s quarterly survey of housing market conditions, the national median existing single-family home price was $212,300, down 1.8 percent from a year ago when the median price was $216,100.
"It appears the worst of the price correction is behind us," said Pat V. Combs, NAR’s president and vice president of Coldwell Banker-AJS-Schmidt in
Existing home sales were 2.4 percent higher at an annual rate than they were in the last quarter of 2006.
Fourteen states and the District of Columbia showed an increase in the rate of home sales last quarter compared to only six states showing gains a quarter earlier.
The median is a typical market price where half the homes sold for more and half the homes sold for less.
At least part of the decline in the median prices of homes in the
Regionally, existing home sales took the biggest hit in the West, where the sales pace fell 11.9 percent to an annual rate of 1.3 million units and the median home price was 1.8 percent below a year ago at $336,200.
Existing home sales in the South fell 7.3 percent to an annual rate of 2.5 million units and the median home price was $177,800, just 0.6 percent below a year ago.
In the
The Northeast fared the best with sales rising at a 1.2 percent annual rate to 1.1 million units last quarter with a median price of $268,900, down 2.5 percent from a year ago.
