Sales of previously owned homes fell in March, according to new numbers from the National Association of Realtors. The group found sales down 5.9 percent from the month before and 2.4 percent lower than last year at the same time. Lawrence Yun, NAR’s chief economist, says the housing market remains strong despite a sluggish March. “In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights,” he continued. “With mortgage delinquencies at near-historical lows, the housing market is on solid footing.” Still, regional results show only the West posting a year-over-year increase in sales, with the Northeast unchanged and the South and Midwest both down from year-before levels. Also in the report, the median price for existing homes was $403,700 in March, up 2.7 percent from one year ago. Inventory also increased, up 8.1 percent month-over-month. (source)
