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Home Price Declines Drive Better Existing Home Sales
Dramatic home price declines spurred some welcome buying activity in December. The National Association of Realtors (NAR) reported that existing home sales grew 6.5% in December to an annual rate of 4.74 million units, as the median home sales price plunged 15.3% to $175,400 from $207,000 a year ago. Buyers took advantage of dramatically lower prices, especially in weak markets like California, Florida and Nevada, where foreclosures have flooded the market. Prices in the West were down 31.5% from a year ago, according to the NAR.
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Date Last Updated: 01/28/2009