Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

A thin line between fact-checking and propaganda in Gaza social media coverage

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

FOCUS

Ireland's missing babies casting light on a dark history...

Read more

WEB NEWS

World Cup 2014: Germany-Brazil inspires the Web

Read more

THE INTERVIEW

Boutros-Ghali: 'I wanted to reform the UN'

Read more

IN THE PAPERS

57 000 little problems

Read more

IN THE PAPERS

The Sarkozy 'threat'

Read more

BUSINESS DAILY

Budget challenge for India's new government

Read more

  • Hamas rockets reaching deeper into Israel

    Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • Death toll rises in Gaza as militants target Israeli cities

    Read more

  • UN chief Ban Ki-moon appoints new Syria mediator

    Read more

  • Video: Muslims in China confront obstacles to Ramadan fasting

    Read more

  • Tour de France passes WWI Chemin des Dames battlefield

    Read more

  • Senegalese man awarded French visa in gay marriage debate

    Read more

  • Israel steps up airstrikes as diplomacy gets under way

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • 100 years on, the Tour de France returns to the Western Front

    Read more

Surprise rebound in US home sales

©

Latest update : 2008-03-24

The surprise rise in US home sales by 2.9 percent in February is putting an end to a six month of decline and is attributed to the largest ever year-over-year decline in home prices.

US existing home sales showed a surprise rebound in February, rising 2.9 percent after six straight months of declines, the National Association of Realtors reported Monday.

The association said part of the gains could be attributed to the largest ever year-over-year decline in home prices -- a drop in median prices of 8.2 percent.

Sales increased to an annual rate of 5.03 million units, well ahead of the pace of 4.86 million expected by private economists.

Despite the increase, the February sales pace is 23.8 percent below the pace set in February 2007, reflecting a horrific slump in the housing market after years of sizzling growth.

The group said falling home prices played a significant role in the rebound in home sales.

The median sales price fell 8.2 percent in the past year to 195,900 dollars, which is the largest year-over-year drop since the group began tracking this data. The last time the median price was lower was May 2004.

"The relationship between home prices, interest rates and income has improved to the point where buyers are more serious about making offers," NAR chief economist Lawrence Yun said.

Inventories of existing home sales, which includes both single family homes and condominiums, fell 3.0 percent in February to 4.03 million units.

At the February sales pace, it would take 9.6 months to exhaust the supply of homes on the market, down from the 10.2 months supply in January.

Date created : 2008-03-24

Comments

COMMENT(S)