Categorized | Residential

Pre-Owned Home Sales Down in March

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The residential real estate market in the United States continues to go through ups and downs, particularly with respect to previously owned homes. Data from March reports indicate that the number of sales of previously owned homes fell yet again. It was the third time in nearly as many months that the previously own home market saw a decline in sales.

 

While the inconsistent performance of the market is alarming, economists do not seem to be overly worried about it. The residential real estate market is still an area in question when analyzing the health of the economy, with lower home values and more foreclosures in the wings. However, economists are quick to point out that the country’s improving job market and historically low mortgage rates essentially counteract the negative factors.

 

Economists had expected previously owned home sales to hit more than four and a half million this year. They have since downgraded their expectations, and now believe that just shy of four and a half million previously owned homes will sell. Even with the downgraded expectations, that number would still be an improvement from one year ago.

 

When further analyzing the data from the most recent report, it is evident that the previously owned home market has struggled the most in the West. The West region experienced more than a seven percent drop in the number of sales. Both the Northeast and the South also experienced declines, though they were less than two percent. The Midwest was the only region to avoid a decline, as prices remained stagnant during the month of March.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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