March Existing Home Sales Dip 19%

Sales of existing homes fell 19.3% in March from the same month last year to a seasonally adjusted annualized rate of 4.93 million units, according to the most recent figures from the National Association of Realtors. Sales of existing single family homes slipped 18.4% to a rate of 4.35 million units.
Through the end of the first quarter, some 964,000 existing homes have been sold, some 21.8% behind the pace for the first three months of 2007. At the present sales rate, there are 9.9 months' worth of unsold homes on the market, up from 7.5 months' worth in March, 2007.
Median sales price for an existing home in March dipped 7.7% from the median in the same month of 2007 to $200,700. But that figure was a 2.6% increase over February's median price.