Tuesday, March 24, 2009

Existing Home Sales Breakdown

Yesterday, CNN Money reported:

Sales of existing homes unexpectedly rose in February, recovering from a sharp drop in the previous month, according to an industry report released Monday.

The National Association of Realtors said that existing home sales rose last month to a seasonally adjusted annual rate of 4.72 million million units, up 5.1% from a rate of 4.49 million in January. February sales were down nearly 5% from year ago levels.
The biggest increase came in the south, up a seasonally adjusted 6%.



The good news is these sales, while down year over year, weren't at fire sale prices (i.e. California'ish), as prices were up slightly despite the jump in sales.



Finally, looking at the relative prices in all regions, the chart below shows the "spread" of regional prices to the national average, with the West showing relative weakness.



Source: Realtor.org