Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Home sales dip in March

Realtors' group says sales by homeowners declined 2%, while home prices tumbled another 7.7%.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Ben Rooney, CNNMoney.com staff writer

What issue will most likely influence your vote?
  • Health care
  • Jobs
  • Taxes

NEW YORK (CNNMoney.com) -- Sales of existing homes fell in March, after registering a modest increase the month before, according to a report by an industry group released Tuesday.

The National Association of Realtors (NAR) reported that sales by homeowners fell 2% in March to an annual pace of 4.93 million, down from the February reading of 5.03 million. The number was down 19.3% from 6.11 million a year earlier.

Economists were expecting the measure to fall to an annual pace of 4.92 million.

"Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets," said Lawrence Yun, NAR chief economist.

With a large number of homes to choose from, many buyers are biding their time, he added.

The median price of a home sold during the month fell 7.7% to $200,700 from $217,400 a year earlier. In February, the median home price fell 8.2%, which was the largest year-over-year price drop on record.

Overall, the median home price has now tumbled 12.8% since the record high reached in July 2006.

Home prices in the West fell 14.7% to $285,100, which helped spur a 2.2% increase in home sales in that region.

Sales also increased 2.2% in the Northeast, where home prices rose 4.6%. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
This Indian university cranks out top-tier tech execs Many graduates from the Indian Institute of Technology have gone on to start and lead global tech companies. Here are a few of the most notable alums. More
Most valuable American car up for auction Carroll Shelby's own very first Shelby Cobra will be sold in August. It's almost certain to be the most valuable American car ever sold. More
Kilts business wants to end "tyranny of trousers" for men Utilikilts founder Steven Villegas wants utility kilts to replace pants as mainstream menswear. More

Sponsors