April 25 – Yesterday the sales figures for existing homes were released – and the news continues to be bad for sellers. Sales in March were 8.4% below February’s, and 11.3% behind the March 2006 figure. Bad weather is being blamed for at least part of the slowdown, while sub-prime mortgage problems are another likely cause. These sales totals are for all types of existing homes, including condominiums. The figures were released by the National Association of Realtors.
Experts quoted in the Wall Street advised that this continued softness is putting pressure on sellers, including builders of new homes. Buyers can afford to be picky and to ask for concessions. There is a 7.3 month supply of total housing inventory available, up from 6.8 in February. Condominium sales were flat in February but 6.7% below March of 2006. The median price of an existing condominium, nationwide, was $228,200 in March (up 3% vs. year ago).
Most markets nationwide are down. Some of the few bright (or at least, less negative) spots were Boston, New York, and Washington.
National Association of Realtors
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