Resales Down Almost 10%

Sales of existing single-family homes fell almost 10% in March from those of the previous month to an annualized rate of 5.32 million units, according to new figures released by the National Association of Realtors.The NAR also found that over the past year the median price of a single-family home fell almost 1% to $215,300. Compared with those of a year earlier, resales fell by 11.9%. NAR chief economist David Lereah said he expected the sales drop, noting -- among other things -- that, "We also may be seeing some losses as a result of the subprime fallout." Mr. Lereah added: "It's too early to measure a significant impact from tighter lending standards, which should moderately dampen activity, but we're still looking for existing-home sales to gradually improve during the last half of 2007." Sales of condominiums and cooperatives were flat in March, but were down 6.7% compared with those of a year earlier.