Apr 20, 2012
March home sales up 5.2% nationwide
20 Apr 2012
Posted by Andrew Kantor
Why all the negative headlines? Home sales were up in March, not down. Yes, they were down from month to month, but month-to-month figures don’t matter! What counts is year-to-year trends.
Here’s the important fact: Total existing home sales increased to 4.48 million in March, up 5.2% from the 4.26 million-unit pace in March 2011.
March 2008: 4.95 million
March 2009: 4.61 million
March 2010: 5.35 million (homebuyer tax credit in effect)
March 2011: 4.26 million
March 2012: 4.48 million
(Note that these are “seasonally adjusted annual rates,” meaning that if every month was like March 2012, 4.48 million homes would be sold in a year.)
So we had drop, drop, tax-credit, drop — and now a gain. That’s good news.
Put another way, this is the first March since 2008 that we’ve seen an increase in sales, not counting the artificial 2010 bump.