March U.S. existing home sales index falls 1% as American delay purchases
Posted by: admin in Stocks Money News
Filed under: Forecasts, Bad news, Economic data, Housing, Recession
Sales of existing homes in fell 1.0% in March 2008, the National Association of Realtors announced Wednesday, as the prospect of continued home price declines discouraged potential buyers.
The NAR’s existing home sales index declined to 83.0 in March 2008. The index totaled a revised 83.8 in February 2008, and stood at 103.9 in March 2007.
Economists surveyed by Bloomberg News had expected the March 2008 existing home sales index to drop to 83.8%.
Regional conditions vary
Conditions varied by region. In the Midwest, the index fell 10.4% in March 2008 to 74.1; in the West, the index fell 1.4% to 91.2, and in the South, it fell 0.1% to 84.9. In the Northeast, the index rose 12.5% to 80.8%.
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