February Existing Homes Sales Fall

WASHINGTON D.C. - Existing-home sales slipped in February but remained above year-ago levels, while home prices rose at double-digit rates, according to a report released Wednesday by the National Association of Realtors.

Total existing-home sales, including single-family, townhomes, condominiums and co-ops, were down 0.4 percent in February to a seasonally adjusted annual rate of 6.79 million from an upwardly revised pace of 6.82 million in January. Last month's sales activity was 6.1 percent above the 6.40 million-unit pace in February 2004.

?EUR??,,????'??In essence, home sales were surging at unprecedented levels for most of last year,?EUR??,,????'?? David Lereah, NAR's chief economist, said. ?EUR??,,????'??The cooling we expect in sales this year means we'll be transitioning from a white-hot housing market into a very strong market that still favors home sellers, but should become more balanced as the year progresses.?EUR??,,????'??

The national median existing-home price for all housing types was $191,000 in February, up 11.0 percent from February 2004 when the median price was $172,000.

Condominium and cooperative housing sales last month accounted for 12.5 percent of market activity. Existing condo sales slipped 1.2 percent to a seasonally adjusted annual rate* of 848,000 units in February from a record level of 858,000 units in January. Last month's sales activity was 10.4 percent above the 768,000-unit pace in February 2004. The median condo price was $210,700, up 20.5 percent from the same month a year ago.

Single-family home resales eased 0.3 percent in February to a seasonally adjusted annual rate* of 5.94 million units from a level of 5.96 million in January. Last month's sales activity was 5.5 percent above the 5.63 million-unit pace in February 2004. The median single-family home price was $188,200 in February, up 9.4 percent from a year earlier.

Regionally, total existing-home sales in the Northeast rose 4.6 percent from January to a pace of 1.14 million units in February, and were 4.6 percent above the level in February 2004. The median existing-home price in the Northeast was $251,000, up 18.4 percent from a year ago.

Existing-home sales in the Midwest increased 2.0 percent to an annual rate of 1.50 million units in February, and were 4.2 percent above a year earlier. The median price in the Midwest was $156,000, up 9.1 percent from February 2004.

The home resale pace in the West held even at an annual rate of 1.59 million units in February and was 6.7 percent stronger than February 2004. The median existing-home price in the West was $279,000, up 16.7 percent from the same month a year ago.

Existing-home sales in the South fell 3.4 percent from January to an annual rate of 2.56 million units in February, but were 8.0 percent higher than a year ago. The median price of an existing home in the South was $164,000, which was 7.2 percent higher than February 2004.