Industry News

Median existing-home price falls 3%

Sales rate drops 4% year-over-year in January

The seasonally adjusted annual rate of existing-home sales fell 4.3 percent in January compared to the same month in 2006, while the U.S. median home price dropped 3.1 percent, the National Association of Realtors trade group reported today. Total existing-home sales -- including single-family, townhomes, condominiums and co-ops -- reached a seasonally adjusted annual rate of 6.46 million units in January compared with a revised pace of 6.27 million in December. It was the highest monthly sales rate in seven months. The annual rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal variations in sales activity. "Although we're expecting existing-home sales to gradually rise this year, and buyers are responding to the price correction, some unusually warm weather helped boost sales in January," David Lereah, chief economist for the Realtor group, said in a statement. "On the flip side, the winter storms that disrupted so much of the country in Feb...

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