Thursday, April 23, 2009
A real estate group says sales of previously occupied homes sank by an unexpectedly large amount from February to March, dashing hopes of a spring housing recovery.
The National Association of Realtors said Thursday that home sales fell 3% to an annual rate of 4.57 million last month, from a downwardly revised pace of 4.71 million units in February. Sales had been expected to fall to an annual pace of 4.7 million units, according to Thomson Reuters.
The median sales price plunged to $175,200, down 12.4% from $200,100 a year earlier, but up from $168,200 in February. While median sales prices typically rise slightly in early spring, the 4 percent monthly increase was larger than expected.