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Existing Home Sales Tumble 3% in March

By the Associated Press

Posted Apr 23, 2009 10:40 AM CDT

(AP) – First-time homebuyers looking for bargains snapped up about half of all US homes sold last month, but the spring selling season got off to a lackluster start, with sales falling more than expected from February levels. Home sales fell 3% to an annual rate of 4.57 million in March from a downwardly revised pace of 4.71 million units in February, the National Association of Realtors announced today.

Sales had been expected to fall to an annual pace of 4.7 million units, according to Reuters. The results were "a little disappointing" given that homes are more affordable than they've been in years and mortgage rates are near record lows, said the group's chief economist. The median sales price in March was $175,200, a plunge of 12.4% from a year ago, but higher than February's median price of $168,200.

A home for sale is shown Wednesday, April 22, 2009, in Blue Island, Ill. (M. Spencer Green)

An existing home waits for a buyer or renter in Beachwood, Ohio, Wednesday, April 22, 2009. (Amy Sancetta)

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$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Freddie Mac Bet Billions Against Homeowners

Has financial stake in limiting refinancing for struggling people

Finally, Sun Through the Economic Clouds

Thanks to improving housing market, private debt: Paul Krugman

Great Time to Buy? This Renter Says No Thanks

Need for mobility trumps low prices: Justin Martin

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OTHER STORIES ON OUR RADAR

housing market • home sales • existing home sales

MOST POPULAR STORIES

[ By Views ]

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More Newser Stories

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Freddie Mac Bet Billions Against Homeowners

Has financial stake in limiting refinancing for struggling people

Finally, Sun Through the Economic Clouds

Thanks to improving housing market, private debt: Paul Krugman

Great Time to Buy? This Renter Says No Thanks

Need for mobility trumps low prices: Justin Martin

About Us

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Newser By Users

Community

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