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Home Sales Unexpectedly Increase
March 24, 2007
Published: March 24, 2007
An Unexpected Increase in Home Sales
The New York Times
WASHINGTON, March 23 (AP) — Sales of existing homes unexpectedly rose in February by the largest amount in nearly three years, but some analysts expressed concerns that the recovery for the housing industry will be slowed by spreading troubles in subprime mortgage lending.
The National Association of Realtors reported Friday that sales of existing homes rose 3.9 percent last month, pushed higher by a sharp increase in sales activity in the Northeast. It was the biggest increase since a similar increase in March 2004.
Purchases increased in three of the four regions of the country — rising 14.2 percent in the Northeast, 3.9 percent in the Midwest and 1.6 percent in the South. Purchases were unchanged in the West.
The price of a median home sold last month dropped to $212,800, down 1.3 percent from the same month in 2006. It marked a record seven consecutive months that the median home prime has fallen compared to the same period a year ago.
Analysts said the price declines were helping to lure buyers back into the market. But analysts expressed concerns about what the growing problems in the subprime lending market will do to the sales prospects.
David Lereah, chief economist for the Realtors, said he believed that demand for homes could be cut by 150,000 to 200,000 annually over this year and 2008 because of the lending troubles.
“Our view is that the tightening in the subprime market will have a negative impact on home sales,” Mr. Lereah said. “It probably won’t postpone the recovery (in housing) but it will slow it.”
By region of the country, sales were up 14.2 percent in the Northeast, a gain that was attributed in part to warmer-than-normal weather this winter, which spurred sales.
Sales of existing homes were up 3.9 percent in the Midwest and 1.6 percent in the South, while sales were unchanged in the West. Mr. Lereah said the reluctance of sellers in the West to trim prices was holding back a rebound in that region.
March 24, 2007
Published: March 24, 2007
An Unexpected Increase in Home Sales
The New York Times
WASHINGTON, March 23 (AP) — Sales of existing homes unexpectedly rose in February by the largest amount in nearly three years, but some analysts expressed concerns that the recovery for the housing industry will be slowed by spreading troubles in subprime mortgage lending.
The National Association of Realtors reported Friday that sales of existing homes rose 3.9 percent last month, pushed higher by a sharp increase in sales activity in the Northeast. It was the biggest increase since a similar increase in March 2004.
Purchases increased in three of the four regions of the country — rising 14.2 percent in the Northeast, 3.9 percent in the Midwest and 1.6 percent in the South. Purchases were unchanged in the West.
The price of a median home sold last month dropped to $212,800, down 1.3 percent from the same month in 2006. It marked a record seven consecutive months that the median home prime has fallen compared to the same period a year ago.
Analysts said the price declines were helping to lure buyers back into the market. But analysts expressed concerns about what the growing problems in the subprime lending market will do to the sales prospects.
David Lereah, chief economist for the Realtors, said he believed that demand for homes could be cut by 150,000 to 200,000 annually over this year and 2008 because of the lending troubles.
“Our view is that the tightening in the subprime market will have a negative impact on home sales,” Mr. Lereah said. “It probably won’t postpone the recovery (in housing) but it will slow it.”
By region of the country, sales were up 14.2 percent in the Northeast, a gain that was attributed in part to warmer-than-normal weather this winter, which spurred sales.
Sales of existing homes were up 3.9 percent in the Midwest and 1.6 percent in the South, while sales were unchanged in the West. Mr. Lereah said the reluctance of sellers in the West to trim prices was holding back a rebound in that region.
posted by JK @ 10:32 AM
4 Comments:
Jenn,
Thought you might want to know the Who and For How Much behind the What.
BlockShopper - St. Louis does just that!
Look forward to your review.
Eddie
Our local market, Phoenix, is experiencing unprecedented buyer demand right now. Talking with other Realtors in other markets and seeing your post here, there is no doubt that improvement is broad across the country.
We still have the issue here as to whether we still have a large volume of coming foreclosures and how the market contends with that, but for the moment, our market is showing significant improvement.
David Lorti
Ahwatukee Real Estate
You have a very interesting blog
Idaho Real Estate
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