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Existing home sales drop to 12-year low

2009-02-25 19:09:19 (GMT) (Caymanmama.com - Real Estate News News)

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As pessimism grows across the nation about the state of the economy and the housing market, sales of existing properties took an unexpected dip to a 12-year low for the month of January

Houston, Texas (CaymanMama.com) –As pessimism grows across the nation about the state of the economy and the housing market, sales of existing properties took an unexpected dip to a 12-year low for the month of January.

The National Association of Realtors reported on Wednesday that sales of existing homes dropped 5.3 percent to an annual rate of 4.49 million last month, down from 4.74 million in December, making it the weakest showing since July 1997.According to Thomson Reuters, sales were expected to increase to an annual rate of 4.79 million homes.

Sales across the country fell 7.6 percent from a year prior. The West was the only part of the nation to show increased sales.

Sales had increased remarkably in December, giving hope of improvement in the housing market. But economic fears are now first on the minds of many consumers.

“If Americans are worried they won’t have a job next month, next quarter, or next year, you’ve got a real problem,” Mike Larson, a real estate analyst with Weiss Research, wrote in a research note.

According to the Associated Press, “The median sales price in January plunged to $170,300, down 14.8 percent from $199,800 a year earlier. That was the lowest price since March 2003 and the second-largest drop on record.”

This information brought to you by Altus, Oklahoma new home builder, Sheryl Homes Inc.



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