Existing home sales fall 2.6 percent in March

WASHINGTON Thu Apr 19, 2012 2:52pm EDT

A newly constructed home available for sale is pictured in a new housing development area in Vista, California March 20, 2012. REUTERS/Mike Blake

A newly constructed home available for sale is pictured in a new housing development area in Vista, California March 20, 2012.

Credit: Reuters/Mike Blake

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WASHINGTON (Reuters) - Home resales fell in March but the supply of properties on the market tightened and prices inched higher, giving mixed signals about the pace of recovery in the still-struggling housing sector.

The National Association of Realtors said on Thursday that existing home sales slipped 2.6 percent to an annual rate of 4.48 million units last month.

However, February's sales pace was revised slightly higher to 4.60 million units from the previously reported 4.59 million units. Economists polled by Reuters had expected sales at a 4.62 million-unit sales pace last month.

The NAR said even with March's decline, the pace of sales in the first three months of the year marked the strongest first quarter since 2007.

An improving labor market has realtors upbeat about sales prospects for the rest of the year.

"This appears to be very sustainable," said NAR economist Lawrence Yun, referring to the pace of sales during the first quarter.

And in a sign that the nation's glut of unsold homes was easing, inventories fell to 2.37 million. Realtors in some markets have reported shortages of housing stock, Yun said.

Nationwide, the median price for a home resale rose to $163,800 in March, up 2.5 percent from a year earlier.

Distressed sales accounted for 29 percent of resales, down from 34 percent in February, the NAR said.

(Reporting by Jason Lange; Editing by Andrea Ricci)

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Comments (7)
whyknot wrote:
Four years on, still six to go in the loss decade of the USA

Apr 19, 2012 10:28am EDT  --  Report as abuse
Crash866 wrote:
Tick Tock…spin it

Apr 19, 2012 10:31am EDT  --  Report as abuse
nnaqvi wrote:
Jobless data suggests slowdown in job creating, April 19, 2012 article,
http://www.reuters.com/article/2012/04/19/us-usa-economy-jobs-idUSBRE83I0Q020120419 . However, this article states, “An improving labor market has realtors upbeat about sales prospects for the rest of the year. “This appears to be very sustainable,” said NAR economist Lawrence Yun, referring to the pace of sales during the first quarter” also on April 19. Only one of these claims can be true, the other false.

Apr 19, 2012 10:53am EDT  --  Report as abuse
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