Archive for February 25th, 2009

US existing home sales fall by more than expected

Wednesday, February 25th, 2009

Existing home sales fell 5.3% m/m to a 4.49 million saar pace in January, below expectations. This reversed the 4.4% increase in December, maintaining the choppy nature of this series. Sales fell 14.7% in the Northeast and 5.7% in both the Midwest and the South but remained unchanged in the West. This left sales up 29% y/y in the West as foreclosure-related discounting continues to boost activity. As a result, median home prices fell further and are now down 14.8% y/y and 25% from the peak.

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