Existing Home Sales Plunge

Sales of existing homes plunged 8.4% in March, the steepest decline in 18 years according to the NYT that was reporting data from the National Association of Realtors. Existing homes account for the vast majority of home sales.

As if anyone needed to tell those trying to sell in Truman Annex, the housing market is becoming increasingly unfriendly to those looking to sell their homes. Prices are dropping. The median price of an existing single family home decreased almost 1% last month. Sales in the South declined 6.2% in March. The backlog of unsold homes is growing. The trend is downward. The only Cities in the country where prices rose were in Dallas, Portland, Ore., and Seattle.

Cayo Dave has an interesting post on how all this is affecting Key West.