The National Association of Realtors reported existing homes sales fell again in March as the housing market continued its decline.
While the decline was in line with expectations, the March sales numbers came in on the heels of at 2.9 percent increase in sales in February which had raised hopes that the severe housing correction had hit bottom.
Real estate experts have said a rebound in sales should not be expected for several months given the glut of homes in foreclosure and tighter credit standards for prospective buyers.
Lawrence Yun, chief economicst for the National Association of Realtors, predicted sales would begin to show improvements in the second half of this year, helped by an improved availability of mortgage-backed insurance from the Federal Housing Administration and higher limits for jumbo mortgages.
Compared to a year ago, the median price of a home dropped 7.7 percent in what was the second-biggest year-over-year decline.
While the median sales price of $200,700 was up slightly, the March sales decline marked the seventh consecutive year-over-year drop in prices.
For more Real Estate News, please go to
