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April 25, 2005
Existing Home Sales: Not So Cool
Sales of existing U.S. homes rose 1.0 percent in March to the third-highest level on record as an increase in single-family sales offset a dip in sales of condominiums, [the National Association of Realtors] said on Monday...
The national median home price jumped 11.4 percent to $195,000 from the same month a year ago, the NAR report showed. That price increase was the biggest since December 1980, when prices rose 11.5 percent, NAR said.
"The market is very strong," said NAR Chief Economist David Lereah. "The problem in this country is housing supply. It's still very lean."
In March, the supply of homes for sale at the current pace was 4 months' worth, down from 4.2 months' worth in February.
"We still have this awkward balance between demand and supply," Lereah said.
New home sales tomorrow.
April 25, 2005 in Data Releases | Permalink
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