Monday, February 25, 2008

Exiting Home Sales "Slipped" 23.4%


Existing-Homes sales "slipped" some in January, according to the National Association of Realtors (NAR). The problem, the Realtors point out, is simply that some potential buyers are waiting on sidelines.

Delve beneath the national average into the details, and you find all manner of ugliness.

-Median existing-home price was $201,100 in January, down 4.6% from a year ago (National average)
-Total housing inventory rose 5.5%

-At the end of January, existing homes available for sale were  4.19 million, a 10.3-month supply at the current sales pace (up from a 9.7-month supply in December). 

-Single-family home sold at an annual rate of 4.34 million in January. This is 22.4% below January 2007. 

-The median existing single-family home price was $198,700 in January, down 5.1% from a year ago.

-Existing condominium and co-op sales dropped 6.5%, and are 30.2% below the year ago levels. The median existing condo price ($220,400) is only 1.0% lower than January 2007.
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