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Existing Home Sales Continue Dropping
Author: Thomas Zuraf
• Friday, February 26th, 2010

The National Association of Realtors figures for existing home sales dropped again in January but they are still above last year’s level for the same time period. Economist who responded to a poll forecast that completed sales rose just less than 1% last month to seasonally adjusted annual rate of 5.5 million which was a slight increase from December 2009 levels. Existing home sales which include single family homes along with townhomes, condos and others dropped 7.2% to seasonally adjusted annual rate of just over 5 million units in January. Total housing inventory dropped 1/2 % for a total of 3.27 million existing homes available for sale which represents about an eight month supply at current sales pace.

Figures also show that the national median existing home price representing all types of housing was at $164,700 thru January which is unchanged from 2009. The figures for distressed homes which accounted for 38% of sales in January 2010 continues a downward spiral which distorts the median price because these are typically discounted compared to traditional homes that are in the same area. A corresponding survey shows that first time home buyers purchased about 40% of the homes in January, which is a small decrease from December ‘09’.

Investors scooped up 17% of January’s transactions which represents a 2% increase from December. The rest of the sales were attributed to repeat buyers. Buyers are continuing to purchase non-luxury homes and opportunities exist for people to leverage the market for bargain property.


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