Tuesday April 22, 03:15 PM
US home resales slip another 2 percent
WASHINGTON (AFP) - Sales of existing US homes fell two percent in March, an industry group reported Tuesday in a report underscoring the extended slump in the housing market.
The National Association of Realtors said the annualized sales pace was 4.93 million, weaker than the 4.95 million expected by Wall Street economists.
The report shows a 19.3 percent plunge year-over-year in existing home sales, the largest segment of the housing market. This reflects a meltdown in the property market after years of sizzling growth.
The median existing-home price for all housing types was 200,700 in March, down 7.7 percent from a year ago.
The association said existing home sales have been uneven with the steepest declines in high-cost areas, providing "a downward pull to the national median" price.
Lawrence Yun, NAR chief economist, said the problems in the banking sector are also having an effect on the market.
"Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets," he said.
"At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines."
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