Existing-Home Sales Rise, Inventory Drops - | ArmandoMontelongo.com

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Existing-Home Sales Rise, Inventory Drops

Sales of existing homes increased by 5.2 percent and the inventory of houses for sale fell by 21.8 percent in the last 12 months, according to a new report.

The National Association of Realtors report showed that existing-home sales were at an annual rate of 4.48 million in March, down 2.6 percent from February but well above the year-ago pace. Inventory dropped 1.3 percent for the month, to 2.37 million houses for sale.

Distressed-home sales – foreclosures and short sales – were 29 percent of all transactions in March, compared to 34 percent in February and 40 percent in March 2011.

Foreclosures sold for an average of 19 percent below market price, with short sales were discounted 16 percent.

Here is a region-by-region look at the report, with the change in sales for the month and the last 12 months, annual rate of sales, median price and change in the median price for the last 12 months:

What do you think? Can you see a shift in the numbers in the last 12 months? Tell us your perceptions: