A Good Sign Home Sales Up In 17 States
Sales of existing homes picked up in 17 states in the first quarter compared with the previous one, pointing to more signs of life for the home market. Nationally, first-quarter sales of existing homes were down 3.2% from the last three months of 2008 and down 6.8% year-over-year, the National Association of Realtors said Tuesday. But the improvement in 17 states is more evidence that the market is bottoming out, economists say. In the fourth quarter, only nine states showed better sales. Economists predict more states will show sales gains throughout the year, given still falling prices in many markets, low mortgage rates and some signs of improvement in the overall economy. “There are early signs of recovery in some states. They give me reason for optimism,” says Patrick Newport, economist at IHS Global Insight. He expects home sales to pick up nationwide in the later part of this year. The pace of the pickup this year may “surprise to the upside,” says Greg McBride,