Existing Home Sales Fall In February But Up 7% Year over Year

By Editor · on March 23rd, 2010 ·

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Existing Home Sales Fall In February But Up 7% Year over Year

Existing Home Sales Fall In February But Up 7% Year over Year

Existing home sales fell 0.6% in February month over month.  to an annual rate of 5.02 million units.  Still this is lower than January’s number of 5.05 million units.  This also marks the third straight month of declines in sales.  Sales were up year over year compared to last year at his time by 7%

Inventory of existing homes For Sale  rose in February by 9,5% to 3.59 million units from the previous month.  This represents an 8.6 month supply which is the highest it has been since August 2009.

NATIONAL MEDIAN HOME PRICE:

The National Median Home Price fell 1.8% in February last year to $165,100

The decline in February sales was concentrated in the single-family homes segment—the biggest portion the market—which fell 1.4 percent to an annual rate of 4.37 million units. Condominium and co-ops rose 4.8 percent to a 650,000-unit rate.

In Northern Virginia we are still seeing low inventories in most areas.  We are also seeing multiple offers coming in as people are trying to get in before the Fed stops buying Mortgage Back Securities (MBS) on Wednesday.  The FHA is changing its rules with regards to FICO scores on April 15th and of course the Extended & Expanded Home Buyer Tax Credit set to expire the end of April.

Northern Virginia Real Estate Times

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This entry was posted on Tuesday, March 23rd, 2010 at 7:50 am and is filed under Alexandria Virginia Home Sellers, Arlington County Virginia Home Sellers, Ashburn Virginia Home Sellers, Clarke County Virginia Home Sellers, Fairfax County Virginia Home Sellers, Fauquier County Virginia Home Sellers, Frederick County Virginia Home Sellers, Loudoun County Virginia Home Sellers, Northern Virginia Home Sellers, Prince William County Virginia Home Sellers, Washington DC Home Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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