Existing Home Sales Slip in March, but Prices Rise

The National Association of Realtors has reported that existing home sales including single family, townhomes, condominiums and coops were down 2.0 percent to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.

At the same time, the Office of Federal Housing Enterprise Oversight, a government agency, has reported prices rose .06 percent on a seasonally adjusted basis between January and February 2008, for the 12 months ended February 2008 U.S prices fell 2.4 percent. Regional prices varied, for a more detailed report, please visit http://www.ofheo.com.