Existing Home Sales Up As Sellers Slash Prices

The National Association of Realtors said existing home sales rose 2.9% in February to a seasonally adjusted annual rate of 5.03 million units. The gain followed six months of declines, although analysts said the increase may have reflected aggressive price cutting by sellers in some parts of the country. The NAR reported that the median existing sales price in February fell to $195,900, the largest year-over-year drop on records that go back to 1999. Lawrence Yun, chief economist for the NAR, said prices in formerly hot markets such as California and Florida are seeing major price declines as sellers try to attract buyers. By region, sales surged 11.3% in the Northeast and were up 2.5% in the Midwest and 2.1% in the South. The only region of the country to see a decline was the West, where sales fell 1.1%.

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