Home sales, prices fall
The increase in existing-home sales in February that the National Association of Realtors reported wasn't repeated in March, according to numbers released this morning. Sales fell 2 percent from the month before, the trade group said. (Condo sales rose while single-family home sales dropped.)
The median price fell 7.7 percent from a year earlier, the NAR said, though it noted (as it has for months) that it believes the drop is being exaggerated by sharply lower sales in expensive places. (Metropolitan Regional Information Systems, which has already reported local numbers for March, says median prices in the Baltimore metro area fell 3.2 percent from a year earlier.)
The Office of Federal Housing Enterprise Oversight, meanwhile, also released numbers this morning. It calculates that U.S. home prices fell 2.4 percent in February from a year earlier. OFHEO measures values differently -- wonk points to you if you knew that already. It looks at same-house transactions, and only those with loans purchased by Fannie Mae or Freddie Mac.