Existing-Home Sales Slip as Prices Slide - Median Cost in D.C. Increases Slightly
|August 16, 2007|
By Martin Crutsinger
Sales of existing homes fell in 41 states in the April-to-June quarter, while home prices were down in one-third of the metropolitan areas surveyed, a real estate trade group said.
The new figures from the National Association of Realtors underscored the severity of the housing slump, the worst downturn in 16 years.
However, NAR officials said they saw some glimmers of hope in the data. They noted that existing-home prices were up in 97 of the 149 metropolitan areas surveyed compared with a year ago.
The states with the biggest decline in sales in the second quarter were Florida, down 41.3 percent, and Nevada, down 37.5 percent.
Wyoming had the biggest sales increase, a rise of 10.8 percent in the second quarter of this year, compared with the second quarter of 2006.
Nationwide, sales of existing homes totaled 5.91 million units at an annual rate in the second quarter, down 10.8 percent from the sales pace of the second quarter of 2006.
The national median sales price in the second quarter was $223,800, down 1.5 percent from a median price in the spring of 2006.
Prices were down 7.2 percent in Detroit, 2.1 percent in Boston and 2.8 percent in Phoenix.
Prices rose 0.3 percent in the Washington area. Other cities with price gains included New York, up 1.7 percent; Los Angeles, up 3 percent; Chicago, up 1.7 percent; and Dallas, up 1.7 percent.
Separately, the National Association of Home Builders said its survey of builder confidence for August dropped by 2 points to 22, its lowest reading since January 1991.
Coopyright 2007 Associated Press