U.S sales of existing homes fell by 8.4 per cent in March — the biggest drop in 18 years, a real estate trade group said Tuesday.
The National Association of Realtors said the March decline was the largest since a drop of 12.6 per cent back in January 1989.
David Lereah, an economist with the association, attributed the drop on a bad February, which hurt the number of sales that closed in March.
He also said problems in the U.S. sub-prime mortgage market, including rising delinquencies, also played a part in the March figures.
Lenders have reined in their lending practices in the market, which is aimed at customers with low credit ratings.
The declining sales also pulled down the median house price for an eighth consecutive month. The string of declines is the longest on U.
S. record. In March, the media price dipped 0.
3 per cent from a year ago to $217,000 US.
Lereah said he is not forecasting a full recovery to occur until 2008. He sees a drop of about three per cent in sales of existing homes this year, and 15 per cent drop in new home sales.
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