Residential Supply and Demand

Existing Home Sales NAR March 2010

Posted on Sunday, April 25, 2010

According to NAR existing home sales rose 6.8% across the country between February and March and are 16.1% more than March of last year. NAR says that means sales have been higher than last years levels for 20 months in a row now, but remember sales had no place to go but up since they had virtually stalled. And we’ve also seen prices slide month over month for the past three months, Some say the increase is thanks for folks rushing to get in on the home buyer tax credit which expires April 30th.

The best part about sales going up is as long as that continues to happen and as long as foreclosures and other inventory don’t outpace sales adding net to inventory, the value of all of our homes is less likely to go down. In fact the sales we’ve seen so far are said to have preserved as much as $1 trillion in housing wealth, mostly for the middle class.

But even with the increase in sales, housing inventory rose from February to March 1.5% to 3.58 million units available for sale, or an 8 month supply. That’s down from an 8.5 months supply in February.

First time buyers are said to have purchased 44% of the homes sold in March and investors 19%. 27% of sales were all cash, about the same as in February.

SF sales rose 7.3% from February to March and are 13.3% higher than March of last year. SF price is up 0.6% from March of last year. Condo and coop sales were up 3.1% from February to March, 39.3% from March of last year. Condo prices are 0.7% less than last year.

Sales in the NE increased 6.0% from February to March, 25.4% from March 2009 and price 8.9%. In the MW sales rose 7.2% MOM and 0.2% YOY and price is up 0.2%. In the South MOM sales increased 7.1% and 13.9% YOY. Price 5.25 YOY. And in the West sales rose 6.6% MOM, 14.0% YOY and price is down 7.9% YOY.

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