Existing-Home Sales Rose 5.1% in February
Posted by TheHomeCart.com on Friday, March 27th, 2009 at 9:03am.Existing-home sales rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February, up from 4.49 million units in January, the National Association of Realtors® (NAR) reported. Existing-home units include single-family houses, townhomes, condominiums and co-ops. The February 2009 unit sales figure is 4.6 percent below February 2008.
First-time buyers accounted for half of all home sales in February with activity concentrated in the lower price ranges, said Lawrence Yun, NAR chief economist. He added that distressed sales accounted for 40 to 45 percent of transactions because entry level buyers are shopping for bargains.
Distressed homes typically sell for 20 percent less than the normal market price, which lowers the overall median price. “It’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” Yun explained.
NAR also reported:
- Total housing inventory at the end of February rose 5.2 percent to 3.80 million existing homes available for sale, which represents a 9.7-month supply at the current sales pace.
- Single-family home sales rose 4.4 percent to a seasonally adjusted annual rate of 4.23 million in February.
- Existing-home sales in the West increased 2.6 percent to an annual rate of 1.20 million in February and remain 30.4 percent higher than a year ago. The median price in the West was $204,600, which is 30.3 percent below February 2008.
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