Home prices continued their decline in February, with 17 of 20 major metro areas reporting lower prices that month compared with January, according to the S&P/Case-Shiller home price index released today.
Prices are down 1.5 percent in 10 major cities in the past year, the fastest decline in 13 years.
The pace of sales of existing homes in the United States dropped sharply in March to a 6.12 million-unit annual rate, the National Association of Realtors said in a report Tuesday that showed more weakness than analysts had expected.
Sales were off 8.4 percent from February, the sharpest drop since a 12.6 percent drop in January 1989.
Economists polled by Reuters were expecting home sales to slip to a 6.45 million unit rate from the 6.69 million unit pace originally reported for February. The February sales pace was revised to a 6.68 million unit pace.
So meanwhile in reality land home sellers aren't about to give their prized asset away. Home prices in
Phoenix and Scottsdale set new record high. Results skewed by the fall-off in demand at the low end and the increasing percentage of homes sold over $1,000,000
Home sales increased from the month before, but year-to-date sales in Phoenix are down 26.1%., and other cities have seen appreciation too.
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