Skip to: Content
Skip to: Site Navigation
Skip to: Search

November 23, 2008 2:34:30 CST

Learn about Newser Points »

« Back to the grid | Next story »

March Home Sales, Prices Fall

Posted Apr 22, 08 10:02 CDT in Business 

(Newser) – Prices on existing homes fell in March, but buyers stayed away, either unable to get loans, or betting on yet bigger drops, Bloomberg reports. Sales dropped 2%, to an annual rate of 4.93 million, as the median price fell to $200,700 from $217,400 last year. The number of available homes meanwhile swelled by 40,000, exacerbating supply problems.

"There still is an imbalance in the existing housing market that needs to be corrected through lower inventories and higher sales," said one Lehman Brothers economist. "As long as the housing market remains weak we think the economy will remain weak as well."

Source Bloomberg

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • New Home-Sale Incentive: Free House Calls

    Nov 1, 08 5:29 PM CDT
    New Home-Sale Incentive: Free House Calls Home sales being a little tricky these days, a luxury developer in the trendy Buckhead section of Atlanta has stumbled onto a unique form of incentive: free house calls from doctors. Deep-pocketed buyers who plunk down $2 million to $12.5 million to live in a new high-rise will get free use of a roving medical practice, the Atlanta Journal-Constitution reports.
    More »

  • Home Sales Up 5.5%, Biggest Gain in 5 Years

    Oct 24, 08 11:10 CDT
    Home Sales Up 5.5%, Biggest Gain in 5 Years Sales of existing US homes rose by the largest amount in more than five years in last month, a real estate trade group said today. The data offer a glimmer of hope that the housing slump could be starting to bottom out. The National Association of Realtors said sales of existing homes rose by 5.5% in September compared to August.
    More »

  • Housing Prices Look for Basement

    Oct 16, 08 7:14 CDT
    Housing Prices Look for Basement A witch’s brew of factors is cursing the US housing market, reports the New York Times, driving home prices ever lower as they search for bottom. Rising unemployment, higher interest rates, lower wages, and a glut of foreclosures are likely to continue to keep the market depressed through much of 2009 as the economy slips into recession, experts caution.
    More »

  • Bank Rescue Won't Lift Home Prices, Stop Foreclosures

    Oct 15, 08 9:46 CDT
    Bank Rescue Won't Lift Home Prices, Stop Foreclosures Economists are increasingly concerned that the government rescue plan is missing the root cause of the foundering US economy: still-falling home prices, reports the Wall Street Journal. And, while the bailout of banks and financial institutions could ease the pain of the slump, unless help is extended to the housing market, mortgage delinquencies and foreclosures will continue to weigh it down.
    More »

  • Housing Will Bottom June 30, 2009: Cramer

    Sep 8, 08 2:29 PM CDT
    Jim Cramer has spent over a year “shouting in my usual unhinged way” about the bleak real estate market, he writes in New York. But now he’s so confident housing’s headed for a bottom that he’ll name the exact date: June 30, 2009. Why?

    1. New home construction has fallen spectacularly, and "by next June we won’t be building enough homes to accommodate demand."
    2. Congress has authorized $300 billion in FHA loans. Foreclosures and supply will both nosedive as a result.
    More »

Home for sale signs line a street of a new subdivision in Cascade Locks, Ore., Wednesday, April 9, 2008.   (AP Photo/Don Ryan)
A sign noting a reduction in price tops the sale placard outside an existing home on the market in south Denver in this Feb. 17, 2008 file photo.   (AP Photo/David Zalubowski, file)
A house for sale at a reduced price is seen in Albany, N.Y., Tuesday, March 25, 2008. Home prices in many cities continued to plunge by record levels in January as sellers cut their asking bids and rising...   (AP Photo/Mike Groll)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 1)

Tags

economy • housing market • housing crisis • home prices • existing home sales


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »