"Existing home sales rise 6.8% in March"

[Clio the Leo]

Existing home sales rise 6.8% in March

By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) -- Boosted by a federal subsidy to buyers, resales of existing homes rose 6.8% in March to a seasonally adjusted annual rate of 5.35 million from a downwardly revised 5.01 million in February, a real estate trade group reported Thursday.

Sales were up 16.1% compared with March 2009.

Sales in March were slightly better than the 5.29 million rate expected by economists surveyed by MarketWatch.

"The tax credit has done its work," said Lawrence Yun, chief economist for the National Association of Realtors, in releasing the data. Given the momentum imparted by the federal tax credit, he said "the market would be able to stand on its own feet" in the second half of the year.

To qualify for the tax credit, buyers must sign a contract on a home by the end of April and must close by the end of June. The NAR data are based on closings.

Home prices have stabilized, Yun said. Median home prices rose 0.4% in the past year to $170,700, the NAR said.

Yun said the government's efforts to support home prices have preserved $1 trillion in household wealth, thus supporting consumer spending and the economic recovery.

Inventories of unsold homes increased 1.5% in March to 3.58 million, an 8-month supply at the current sales pace. Inventories have come down from the peak, but are still above normal levels, Yun said.

Distressed sales - foreclosures or short sales -- accounted for 36% of sales in March, up from about 33% in February, the real estate trade group said.

First-time buyers accounted for 44% of sales, and all-cash buyers accounted for 27%.

Sales of single-family homes increased 7.3% in March to a seasonally adjusted annual rate of 4.68 million. Sales of condos increased 3.1% to a 670,000 rate.

Sales rose in all four regions of the country in March.

http://www.marketwatch.com/story/existing-home-sales-rise-68-in-march-2010-04-22

[msongs]

1. currently looking 4 a house, prices are level in our part of so cal nt

[Kdillard]

2. Good news. Along with the fact new unemployments claims dropped.

[Clio the Leo]

3. sigh..... I was WAITING for someone to say, "BUT JOBS!! BUT JOBS!!!"

... so I could point that out but no one did.

An improving economy sure does decrease the odds of a good old fashioned message board battle! (heh)

[mkultra]

8. never fear, im sure our imbedded group will find somethign to twist up

you wont be without a fight for long on this board if you support the democrats.

[Peacetrain]

4. Geez we must have been reading the same article at the same time K&R

Maybe not the same article precisely, but I just posted something from yahoo news on the same story.. :) in GD

[Clio the Leo]

5. copy cat.

;)

now GIMME A COOKIE!

[Cha]

6. It's been a tough row to hoe but

but bit by bit the Obama admin has been leading us back from the brink of disaster.

[Kurt_and_Hunter]

7. This is good. (I hope it doesn't drop off after April 30.)

It is difficult to say what effect the tax credit that expires at the end of April is having.

I suspect it is a small effect because condos are not doing as well as single-family houses. (%8,000 is a bigger % of a cheaper property and should disproportionately benefit the low end.)

[mkultra]

9. {whine} I sure hope the whole economy doesnt fall apart{/whine}

Your violin needs tuning.

[FrenchieCat]

10. My 22 year old daughter and her new hubby just bought their first house......

because in MO, it is as cheap to pay on a mortgage note than to pay rent.
They picked up a very nice 2 bedroom place for a song, and are locked into
a 4.75% fixed mortgage rate. She has to be in MO for another 5 years in order
to complete her PHD, so it's a good investment.

[Jennicut]

11. I bought my current house 8 years ago, at 26.

Good for her! Having a house in your twenties IS possible...I tell that to people all the time. You just have to chose wisely. Less house means less of a mortgage. We got a house for $135,000 in Connecticut of all places.