Existing home sales hit 9-year low

March 1, 2008

The National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by four-tenths of one percent last month to a seasonally adjusted annual rate of 4.89 million units. That was the slowest sales pace on record going back to 1999.

The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago. It was the fifth straight monthly price decline and underscored the continued pressure facing housing, which is struggling to emerge from its worst slump in a quarter-century.

Great time to buy a home!

March 1, 2008 | Filed Under Real Estate

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