News Alert
from The Wall Street Journal
Existing-home sales rose 5.1% in February, climbing above expectations, but prices plunged again. Home resales climbed to a 4.72 million annual rate, from January's unrevised 4.49 million annual pace, the National Association of Realtors said.
Foreclosures and short sales reflect about 45% of total existing-home sales. With so many distressed sales, the median price for an existing homes fell. At $165,400 in February, the median price was down 15.5% from $195,800 in February 2008. The median price in January this year was $164,800.
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