Home Sales Rise, Prices Continue To Fall

Last month existing home sales jumped up 2.4 percent from the month before to a seasonally adjusted annual rate of 4.77 million units. Dipping home prices and the $8,000 tax credit seemingly had a hand in the jump in sales. The slight sales increase helped reduce the supply of homes on the market. Total housing inventory fell 3.5 percent to 3.8 million existing homes for sale. While home sales jumped, however, prices once again fell. The median price of homes sold last month was $173,000, a 16.8 percent drop from the year prior. To read this article, click here.