Credit, Economy and Financial News from TruckingFactor.com

Existing Homes Sales Climb 5.1% in February

Sales of existing homes jumped by the largest amount in nearly six years in February as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties. The National Association of Realtors said that sales of previously occupied homes jumped 5.1% to an annual rate of 4.72 million last month. The results followed a steep decline in January, but remain well below levels a year ago. The median sales price plunged to $165,400, down 15.5% from $195,800 a year earlier. The number of unsold homes on the market last month rose 5.2% to 3.8 million. At February's sales pace, it would take 9.7 months to rid the market of all of those properties. About 45% of sales nationwide are foreclosures or other distressed properties, which typically sell at a 20% discount, according to the NAR.

Return to: Factoring, Credit and Economy News

Date Last Updated: 03/25/2009