The National Association of Realtors released the existing home sales figures for January 2009 today. Sales decreased to a seasonally adjusted annual rate of 4.490 million units in January down from 4.740 million units in December but down from 4.910 million units in January 2008. The median sales price was $170,300 for January down from $175,700 in December (down 3.1%) and down from $199,800 in January 2008 (down 14.8%). The price decline was again led by the West where the median price declined by 4.2% compared to the previous month dropping from a median price of $229,700 in December 2008 to $220,000 last month. The median home price for the West in July 2007 was at $349,400; the median is now 37.0% lower.
Months supply rose to 9.6 in January from 9.4 in December. This was due to a drop in sales while inventory dropped slightly. According to the NAR, currently 45% of all transactions are distressed sales.
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