First-Quarter Metro Home Prices Stabilize

While state existing-home sales in the first quarter are, in general, below a year ago, more states are reporting improvement compared to sales in the fourth quarter of 2006, according to the latest quarterly survey by the NATIONAL ASSOCIATION OF REALTORS®. Total state existing-home sales, including single-family homes and condos, were at a seasonally adjusted annual rate of 6.41 million units in the first quarter. That number is down 6.6 percent from a 6.86 million-unit pace in the first quarter of 2006, but 2.4 percent higher than the fourth quarter 2006 level of 6.26 million. Fourteen states and the District of Columbia showed increases in the sales pace from a year ago, up from only six states showing gains in the fourth quarter report. One state was unchanged, and complete data for two states were not available.

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