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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US home sales drop 3% AFP - Friday, April 24 WASHINGTON (AFP) - - US existing home sales fell 3.0 percent in March, resuming a downward move after a February jump, but the market is seeing signs of stabilization, the National Association of Realtors said Thursday. ADVERTISEMENT The industry group said overall sales of homes fell to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly 4.71 million in February. This was 7.1 percent lower a year earlier and below the Wall Street estimate of a pace of 4.65 million. The decline was disappointing in a sector hurting for more than two years, but the industry group said first-time buyers are responding to low mortgage interest rates and tax credits. Lawrence Yun, NAR chief economist, said the market appears to be stabilizing with modest monthly ups and downs, and that first-time buyers are driving the market, with trouble still present in the high-priced home segment. "The share of lower priced home sales has trended up, indicating a return of many first-time buyers," he said. "Sales in the upper price ranges remain stalled because of higher interest rates on jumbo loans." Interest rates remain high for so-called jumbo loans that cannot be guaranteed by federal agencies. These loans are above a level of 417,000 to 729,750 dollars, depending on the region. The association said median sales prices rose 4.2 percent over the month to 175,200 dollars, but was 12.4 percent below the level of March 2008. So-called distressed sales accounted for just over half of all transactions in March, and these homes are selling for 20 percent less than traditional properties. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A worker looks over the roof of a house under constrcution in Fairfax, Virginia. The National Association of Realtors said that US existing home sales fell 3.0 percent in March, resuming a downward move after a February jump, but the market is seeing signs of stabilization. Most Popular – Top Stories Viewed IMF sees deeper 2009 decline, weak 2010 IMF says world in recession, auto giants flop Fertility doctor on brink of cloning human: report Credit Suisse ends losing streak in first quarter Charred meat linked to pancreatic cancer risk View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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