Industry News

Real estate sales pick up in March

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The rate of existing-home sales climbed for the second straight month in March but was 0.7 percent lower than the March 2005 level, the National Association of Realtors trade group reported today. Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 0.3 percent to a seasonally adjusted annual rate of 6.92 million units in March from a pace of 6.9 million in February, but was below the 6.97 million-unit level in March 2005. The rate of existing-home sales dropped from 7.21 million in August 2005 to 6.57 million in January 2006 before the recent rebound. The seasonally adjusted annual rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. The national median existing-home price for all housing types was $218,000 in March, up 7.4 percent from March 2005 when the median was $203,000. The median is a typical market price where half of the homes sold for more and half ...