Existing-home sales were down again in March, with figures in line with the sales activites September 2007, according to the National Association of Realtors® (NAR).
Existing-home sales were down 2.0 percent to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace one year previous.
The national median existing-home price for all housing types was $200,700 in March, down 7.7 percent from a March 2007 when the median price was $217,400.
The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending last week. The Market Composite Index, a measure of mortgage loan application volume, saw a decrease of 14.2 percent on a seasonally adjusted basis from one week earlier.