November 24, 2007

Home Sales Decline in 46 States

Home Sales Decline in 46 States

Sales of existing homes fell in 46 states during the July-September quarter as the housing market's slump worsened

The new third-quarter figures from the National Association of Realtors underscore the severity of the housing market's slump, which has economists increasingly pessimistic about the economic outlook.

Vermont and North Dakota were the only two states to show sales increases. No sales figures were available for Idaho and New Hampshire.

The NAR Report did see a silver lining in the data however, noting that home prices rose in 93 of the 150 metropolitan areas surveyed.

Trade group officials emphasize the real estate market is not a national one, and conditions vary — sometimes dramatically — from market to market.

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