Existing Home Sales Feb 2008

Existing Home Sales | Reported 5,030,000 | Est 4,860,000 | Prior 4,900,000 | MODEST

Existing Homes Sales for February 2008 were above the estimates of 4,860,000.  This is a good sign for the real estate market.  Houses are beginning to sell.  The inventory of unsold homes fell 3%.  Unfortunately, the median sales price for sold homes dropped -8.2% to $195,900, the largest decline since 1968 when the numbers began being tracked.