Existing Home Sales Hit 9-Year Low

Posted by Kendall Harmon

The National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units. That was the slowest sales pace, going back to 1999, and was seen as evidence that the steepest slump in housing in a quarter-century has yet to hit bottom.

The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago. Particularly alarming, analysts said, was the fact that the inventory of unsold homes jumped to a 10.3 months' supply, meaning it would take that long to sell the 4.19 million homes on the market at the January sales pace.

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Filed under: * Economics, PoliticsEconomyHousing/Real Estate Market

1 Comments
Posted February 25, 2008 at 4:34 pm [Printer Friendly] [Print w/ comments]



1. Saint Dumb Ox wrote:

If only I had the money to buy.

February 25, 6:08 pm | [comment link]
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