Print(May 12, 2009 Release)
Highlights
- Existing home sales fell 6.8 percent in the first quarter of this year compared to a year earlier.
- The West was the only region in the nation to post year over year gains, registering 24.3 percent.
- The Northeast, Midwest and South registered year over year sales losses of 20.1, 13.1 and 12.7 percent, respectively.
| NAR Regional and State Home Sales (Ths.), Q1′09 | |||
| Existing Home Sales | % change qtr ago | % change yr ago | |
| United States | 4,590 | -3.2 | -6.8 |
| Northeast | 693 | -10.3 | -20.1 |
| Midwest | 1,037 | -2.2 | -13.1 |
| South | 1,697 | -2.5 | -12.7 |
| West | 1,160 | 0.9 | 24.3 |
| State Name | |||
| Alabama | 73.2 | 9.6 | -25.3 |
| Alaska | 26.8 | 36.7 | -10.7 |
| Arizona | 134.0 | 12.8 | 50.2 |
| Arkansas | 56.8 | 3.6 | -21.5 |
| California | 560.0 | -0.6 | 80.6 |
| Colorado | 94.0 | -2.9 | -17.0 |
| Connecticut | 38.4 | -11.1 | -25.6 |
| Delaware | 10.8 | -6.9 | -10.0 |
| District of Columbia | 6.4 | 0.0 | -15.8 |
| Florida | 307.6 | 12.6 | 25.0 |
| Georgia | 172.0 | 1.9 | -6.5 |
| Hawaii | 13.2 | -23.3 | -40.0 |
| Idaho | 16.0 | -48.2 | -11.1 |
| Illinois | 157.2 | -5.1 | -21.7 |
| Indiana | 89.2 | -15.2 | -33.4 |
| Iowa | 50.4 | -10.0 | -10.6 |
| Kansas | 49.6 | -10.8 | -22.5 |
| Kentucky | 65.2 | 0.6 | -23.5 |
| Louisiana | 52.8 | 10.9 | -20.0 |
| Maine | 18.0 | -4.3 | -16.7 |
| Maryland | 58.0 | -0.7 | -12.1 |
| Massachusetts | 90.0 | -12.8 | -9.3 |
| Michigan | 168.4 | 12.3 | -3.7 |
| Minnesota | 109.2 | 21.9 | 11.9 |
| Mississippi | 37.2 | -14.7 | -31.6 |
| Missouri | 98.8 | 0.8 | -18.2 |
| Montana | 17.6 | 2.3 | -18.5 |
| Nebraska | 27.6 | -4.2 | -15.9 |
| Nevada | 98.0 | 25.0 | 116.8 |
| New Hampshire | 16.8 | -8.7 | -10.6 |
| New Jersey | 93.4 | -7.6 | -18.7 |
| New Mexico | 26.4 | -5.7 | -29.0 |
| New York | 202.8 | -13.5 | -23.1 |
| North Carolina | 114.4 | -5.6 | -37.0 |
| North Dakota | 9.6 | -14.3 | -27.3 |
| Ohio | 234.8 | 7.9 | -1.5 |
|
Oklahoma |
76.0 | -8.2 | -18.5 |
| Oregon | 43.2 | -10.7 | -29.4 |
| Pennsylvania | 143.6 | -19.7 | -18.8 |
| Rhode Island | 12.4 | 3.3 | -3.1 |
| South Carolina | 62.8 | -3.1 | -31.1 |
|
South Dakota |
na | na | na |
| Tennessee | 96.4 | -3.6 | -27.0 |
| Texas | 402.8 | -4.4 | -22.1 |
| Utah | 26.0 | -3.0 | -17.7 |
| Vermont | 8.4 | -4.5 | -34.4 |
| Virginia | 114.0 | 10.9 | 12.2 |
| Washington | 65.6 | -9.9 | -35.4 |
| West Virginia | 22.8 | -1.7 | -18.6 |
| Wisconsin | 64.4 | -19.1 | -22.6 |
| Wyoming | 10.4 | 44.4 | -21.2 |
Source: National Association of Realtors
Analysis
It is not surprising to observe that the West region of the nation experienced gains in home sales in the first quarter of this year, while the other regions experienced losses. Sales activity in the West has been dominated by a surge in foreclosure sales, supporting overall existing home sales activity. Looking forward, we expect the drop in second quarter home sales to ease a bit, reflecting an improving economy and historically low mortgage rates.
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