Housing Sales Slowest on Record

Washington Post (02/26/08) P. D2; Crutsinger, Martin
The National Association of Realtors (NAR) reports that sales of single-family homes and condominiums declined for the sixth consecutive month in January, falling 0.4 percent to a seasonally adjusted annual rate of 4.89 million units. That was the slowest sales pace on record, dating back to 1999 and was interpreted as further proof that the nation's housing slump has yet to reach bottom. NAR further notes that the median price of a residence sold last month dropped 4.6 percent to $201,100, as the inventory of unsold dwellings climbed to a 10.3-month supply. NAR chief economist Lawrence Yun states that the housing market may now be close to bottoming out, with a recovery likely to kick off in this year's fourth quarter.