Watching national home sales data is kind of like watching global warming temperature trends – it does not tell you a lot about what the local temperature is. Today (a lovely Spring day in Flagstaff, by the way) the National Association of Realtors® reported that existing-home sales edged down in March, but down no more than expected by the financial markets. Home sales since September 2007 have been bouncing in a very narrow range of a 4.9 million to 5.1 million unit sales pace (seasonally adjusted figures). The March sales of 4.93 million fit into that pattern. The March existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 2.0 percent from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South. The national median existing-home price for all housing types was $200,700 in March, down 7.7 percent from a year ago when the median was $217,400. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively higher sales activity in low-cost markets. A mix of market conditions continues around the country, but areas showing healthy price gains include Des Moines, Iowa; Austin, Texas; and Durham, N.C. Total housing inventory rose 1.0 percent at the end of March percent to 4.06 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, up from a 9.6-month supply in February. Existing-home sales in the West rose 2.2 percent in March to a level of 940,000 but are 22.3 percent below a year ago. The median price in the West was $285,100, which is 14.7 percent lower than March 2007. Nationally, single-family home sales fell 2.7 percent to a seasonally adjusted annual rate of 4.35 million in March from 4.47 million in February, and are 18.4 percent below the pace of March 2007. The median existing single-family home price was $198,200 in March, down 8.3 percent from a year ago. Existing condominium and co-op sales rose 3.6 percent in March from February, but are 25.5 percent below the sales unit level of a year ago. The median existing condo price was $219,400 in March, which is 2.8 percent lower than March 2007. The meaning of this news for future home sales and prices is murky. The Wall Street Journal Economics Blog contains a collection of comments from numerous economists who note that there are many buyers circling the large inventories wondering whether now is the time to buy. NAR Economist Lawrence Yun, of course, has a full column on the new data. For notes and more details on the National Association of Realtors® Existing Home Sales data, click here. | 
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