NAR: Existing Home Sales Drop
Saturday, May 24, 2008
Existing home sales dropped one-percent during the month of April to a seasonally-adjusted annual rate of 4.89 million units, compared to 4.94 million units in March, according to a new report from the National Association of Realtors (NAR).
NAR’s existing home sales report includes all single-family homes, town homes, condominiums and co-ops. Last month’s total existing home sales rate also is significantly lower when compared to the 5.93 million-unit level established during the same period last year.
Despite news of a drop in home sales, NAR believes some positive developments in the real estate market have the ability to stir homebuying activity.
“In the past week, Freddie Mac and Fannie Mae announced that they were eliminating their ‘declining market policies,’ effective June 1,” said NAR President Richard F. Gaylord. “This means consumers across the country will have access to safe, affordable financing with down payments of only 5-percent on most mortgages, with 100-percent financing available on some loan products, and we could see an upturn in home sales this summer.”
NAR’s existing home sales report includes all single-family homes, town homes, condominiums and co-ops. Last month’s total existing home sales rate also is significantly lower when compared to the 5.93 million-unit level established during the same period last year.
Despite news of a drop in home sales, NAR believes some positive developments in the real estate market have the ability to stir homebuying activity.
“In the past week, Freddie Mac and Fannie Mae announced that they were eliminating their ‘declining market policies,’ effective June 1,” said NAR President Richard F. Gaylord. “This means consumers across the country will have access to safe, affordable financing with down payments of only 5-percent on most mortgages, with 100-percent financing available on some loan products, and we could see an upturn in home sales this summer.”
