Home Sales Plunge, LA Prices Slip

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The morning’s big housing news is a big drop in existing home sales. Blaming bad weather and the subprime mortgage crisis, the National Association of Realtors says sales of existing homes fell 8.4 percent in March, and median prices fell 0.3% from a year ago. Chief Realtor economist David Lereah now says median prices nationwide will fall 1% to 3% in 2007. The Realtors’ report contains no information on the LA market; however, the Case-Shiller Home Price Index does, and it shows prices of LA-area homes slipped 0.4% from February 06 to February 07. That’s better than the Case-Shiller 20-city composite, which shows prices down 1.5% over the same period. Comments? Thoughts? Insights? Use the ‘comments’ button.