Follow Me on Twitter

Home sales fall in March but prices and inventory stabilize

dennis-norman-st-louis-realtor-existing-home-salesToday’s existing home sales report from the National Association of REALTORS┬« shows existing home sales in March were at at a seasonally adjusted-annual rate of 4.48 million units which is a decrease of 2.6 percent from the month before and an increase of 5.2 percent from a year ago. The actual number of homes sold in March was 361,000 which is an increase of 4.0 percent from the month before and an increase of 0.9 percent from a year ago when there were 347,000 homes sold.

Home prices increase for second-consecutive month….

The median home price in the U.S. in March was $163,800, an increase of 5.2 percent from the month before and an increase of 2.5 percent from a year ago when the median price was $159,800.

Supply of Homes for sale decreases slightly from month before….

The number of existing homes on the market decreased in March by 1.3 percent from the previous month to 2.37 million homes, and decreased 21.8 percent from a year ago when there were 3.03 million homes for sale. The months supply of homes on the market was unchanged from the prior month at 6.3 months and is down 25.9 percent from a year ago when the supply was 8.5 months.

The following are the ACTUAL Existing Home sales for March, 2012 reported by NAR without any adjustment or fluff:

  • There were 361,000 existing homes sold during the month which is an increase of 4.0 percent from the month before and an increase of 0.9 percent from a year ago.
  • Below are highlights from each region for the month;
    • Northeast – 43,000 homes sold, an increase of 13.2 percent from the prior month and an increase of 4.9 percent from the year before.
    • Midwest - 82,000 homes sold, an increase of 28.1 percent from the prior month and an increase of 13.9 percent from the year before.
    • South - 141,000 homes sold, an increase of 25.9 percent from the prior month and an increase of 2.2 percent from the year before.
    • West – 95,000 homes sold, a decrease of 1.0 percent from the prior month and an increase of 0.244 percent from the year before.

Other highlights of the NAR Report for March 2012:

  • Distressed sales (short sales and foreclosures) accounted for 29 percent of all home sales for the month (18 percent were foreclosures and 11 percent short sales), down from 34 percent the month before.
  • First-Time homebuyers accounted for 33 percent of the home sales for the month, up from 32 percent the month before.
  • Investors were the buyers of 21 percent of the homes for the month, down from 23 percent the month before.
  • Repeat home buyers were responsible for approximately 46 percent of the month’s sales.
  • Cash buyers were 32 percent of all sales for the month, down from 33 percent the month before.
  • Foreclosures typically sold for an average 19 percent below market price.
  • Short sales sold for an average 16 percent below market price.
  • Home Sales By Price Range:
    • Homes priced in the $100,000 – $250,000 range accounted for 44.4 percent of all home sales for the month.
    • Homes priced in the $0-$100,000 range accounted for 25.5 percent of all home sales for the month.
    • Homes priced in the $250,000 – $500,000 range accounted for 21.9 percent of all home sales for the month.
    • Homes priced in the $500,000 – $750,000 range accounted for 5.3 percent of all home sales for the month.
    • Homes priced in the $750,000 – $1M range accounted for1.4 percent of all home sales for the month.
    • Homes priced in the $1M+ range accounted for 1.6 percent of all home sales for the month.