The median sales price of resale homes dropped 12.4 percent and the annual sales pace of resale homes was down 7.1 percent year-over-year in March, the National Association of Realtors reported today. The median price of resale homes was $175,200 in March.

The seasonally adjusted annual rate of sales in March — a projection of that month’s sales total over a 12-month period — slipped 3 percent compared to the previous month.

The median price of single-family resale homes dropped 11.5 percent from March 2008 to March 2009, while the median price of condos and co-ops sank 18.7 percent during that span, NAR reported (see chart).

The sales pace of single-family resale homes sank 2.8 percent from February to March and dropped 5.7 percent year-over-year in March, compared with a 4.1 percent monthly drop and a 17.8 percent year-over-year drop in the sales rate for resale condos and co-ops.

The months’ supply of all resale homes rose 1 percent from February to March — to 9.8 months — but was down 2 percent year-over-year in March, according to NAR. The months’ supply is a measure of how long it would take to sell off the supply of resale homes at the March sales pace. The March supply was 9.3 months for resale single-family homes and 14.7 months for condos and co-ops.


What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Leaders from across the industry answered our call to come to Inman Connect and share essential advice for leveling up your 2021.SEE THE SPEAKERS×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription