NAR Data Shows Depressed Levels of Existing Home Sales in Metropolitan Areas
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Data from the National Association of Realtors Tuesday showed the median price of existing single-family homes in the US fell in 119 out of 153 metropolitan areas during the first quarter. On a statewide basis, the sale of existing homes rose in 49 states as well as the District of Columbia.
State existing-home sales totaled 5.14 million during the quarter, down 0.8 percent from the same quarter last year but up about 8.3 percent from the 4.75 million reported during the fourth quarter.
The national median price for existing single-family homes came in at $158,700, down about 4.6 percent from the year-ago quarter. The NAR said distressed homes (including foreclosures and short sales) generally sold at a 20 percent discount.
The sale of existing-homes rose a sharp 13.5 percent from last quarter in the Association's West region and rose just 0.8 percent in the Northeast region.
NAR's Chief Economist, Lawrence Yun, said, "the reading of quarterly price data can be volatile because they are based on the types of homes that are sold during the quarter. When buyers principally purchase distressed properties in a given market, the recorded prices will be very low, which is what we’re seeing now in much of the country. Annual price data provides a better guide about the direction of the market in those areas."
The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 1.01 percent to $18.91 Tuesday.
State existing-home sales totaled 5.14 million during the quarter, down 0.8 percent from the same quarter last year but up about 8.3 percent from the 4.75 million reported during the fourth quarter.
The national median price for existing single-family homes came in at $158,700, down about 4.6 percent from the year-ago quarter. The NAR said distressed homes (including foreclosures and short sales) generally sold at a 20 percent discount.
The sale of existing-homes rose a sharp 13.5 percent from last quarter in the Association's West region and rose just 0.8 percent in the Northeast region.
NAR's Chief Economist, Lawrence Yun, said, "the reading of quarterly price data can be volatile because they are based on the types of homes that are sold during the quarter. When buyers principally purchase distressed properties in a given market, the recorded prices will be very low, which is what we’re seeing now in much of the country. Annual price data provides a better guide about the direction of the market in those areas."
The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 1.01 percent to $18.91 Tuesday.
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