The National Association of Realtors today reported a .6% drop in February Existing Home Sales, indicating that economic issues like unemployment and tight lending may be overpowering the impact of the Homebuyer Tax Credit. Sales, however, were 7% higher than in February 2009.
Inventory increased from last month, while prices appear to be stabilizing, with decreasing losses from a year ago in most regions.(Read an AP news story on msnbc.com.)
The AP-RE/MAX Monthly Housing Report mirrored NAR’s report in Inventory and Prices, showing an 8.8-month supply of inventory and a marginal price decline of .48%. However, the AP-RE/MAX report of 54 metro areas demonstrated a more impressive 8.8% monthly increase in sales.
| Area |
Annualized |
1 month change |
1 year change |
Median Price |
1 Month change |
1 Year Change |
| National |
5.02M |
+0.6% |
+7% |
$165,100 |
+0.2% |
-1.8% |
| Northeast |
840,000 |
+2.4% |
+12% |
$254,700 |
+3.8% |
+7.5% |
| Midwest |
1.11M |
+2.8% |
+8.8% |
$128,000 |
-1.8% |
-2% |
| South |
1.85M |
-1.1% |
+6.9% |
$139,600 |
-0.4% |
-4.2% |
| West |
1.22M |
-4.7% |
+3.4% |
$207,900 |
+2.2% |
-9.8% |
National Inventory:
1. February Inventory = 3,590,000; +9.5% from January and -5.5% from February 2009
2. Month’s Supply = 8.6 months
February Practitioner Survey:
1. Distressed Properties made up 35% of all sales.
2. First-Time Buyers purchased 42% of all homes sold.
3. Investors accounted for 19% of all transactions.
Mortgage Interest Rates:
1. Febraury 2010 = 4.99%
2. January 2010 = 5.03%
3. February 2009 = 5.13%
(National average commitment rate from Freddie Mac)
Posted 3/23/10