Container Top
Homes   Jobs   Cars   Shopping
Search

Events Calendar

EVENT SEARCH:

In This Section


Most Read Stories


Blogs:


Pets:
It Takes All Kinds

The Heldenfiles:
Tuesday Notebook

Patrick McManamon:
An interesting thought from a reader

Akron Zips:
Akron vs. Mount Union — Liveblog

Tribe Matters:
Indians announce spring dates

Cleveland Browns:
Mangini doesn't name a quarterback

Kent State Sports:
Flashes interested in another Cincinnati player

Cleveland Cavaliers:
Shaq: It’s All About Winning Championships

Buckeye Blogging:
Buckeyes Roll 100-60 / Season Outlook

Varsity Letters:
Report: Walsh baseball player commits

All Da King's Men:
More On The Fort Hood Jihadist

Blog of Mass Destruction:
Simply Incapable of Telling The Truth

Akron Law Café:
Health Care Financing Reform: (63) Commonwealth Fund Report on Primary Care

See Jane Style:
Muffle Your Muffler

Car Chase:
Clock Tender- Extending the Life of Collector Car Clocks

Let's Talk Real Estate:
Rumors: Akron Starbucks Closing

Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.

Sound Check:
Aeromsith looking for new singer as Steven Tyler contemplates solo career

HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio

Akron Gamer:
Video: 'Modern Warfare 2' hits the streets

U.S. home sales rise, prices fall

February boost surprises economists, who say slump isn't over. Gains don't reach Akron area


From staff and wire reports

After falling for six straight months, sales of existing homes posted an unexpected increase nationwide in February, which might have reflected more aggressive price cutting by sellers, a real-estate trade group reported.

The National Association of Realtors said sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline.

The trade group reported that the median price in February fell to $195,900. That was the largest year-over-year drop on records going back to 1999.

Lawrence Yun, chief economist for the Realtors, said that prices in some formerly hot markets in California and Florida were seeing significant declines as sellers try to attract buyers.

Meanwhile, the Akron Area Board of Realtors reported February sales of 323 homes, down 6 percent from 345 a year earlier.

The average price was $116,815, down 10 percent from $130,343 in February 2007.

Nationally, analysts cautioned against reading too much into the one-month rise in sales. Many economists are predicting that the slump in housing will not bottom out until later this year, after prices fall further, allowing unsold inventory to be reduced.

''We're not expecting a notable gain in existing-home sales until the second half of this year, but the (February) improvement is another sign that the market is stabilizing,'' Yun said.

Sales of existing homes fell by 12.7 percent in 2007, the biggest decline in 25 years. Over the past two years, housing has been in a downturn made worse by a severe credit tightening after banks and mortgage companies took multibillion-dollar losses on loans that have gone into default.


Get the full article here.


Story tools

Email  Email   Print  Print   Save  Save   Reprint  Reprint   Popular  Most Popular   Reprint  Subscribe

Share this story

AddThis Social Bookmark Button
















Most Commented Stories