Wednesday, April 20, 2011

Existing Home Sales Report: March 2011

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for March showing a slight increase in sales while prices continue to be weak and inventory continues to remain elevated.

Single family home sales increased 3.97% since February but fell 6.51% below the level seen last year while prices declined a notable 5.31% below the level seen in March 2010.

Further, inventory of single family homes remains high climbing 0.7% from February but declining 1.3% below the level seen in March 2010 which, combined with the relatively slow pace of sales, resulted in a monthly supply of 8.1.

The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.