Sure its the weather

Sales of existing homes plunge 8.4% in March

By Rex Nutting

Last Update: 10:00 AM ET Apr 24, 2007

WASHINGTON (MarketWatch) -- Sales of existing homes plunged 8.4% in March to a seasonally adjusted annual rate of 6.12 million, the lowest in nearly four years, the National Association of Realtors reported Tuesday. It was the largest percentage decline in sales since January 1989. Economists were expecting sales to fall to 6.45 million. The median price of an existing home fell 0.3% year-over-year to $217,000. The inventory of unsold homes on the market fell 1.6% to 3.75 million, representing a 7.3-month supply. Sales of condos were unchanged, while sales of single-family homes dropped 9.5%. Sales fell in all four regions. "This number reflects subprime lending" as well as the cold weather in February, said David Lereah, chief economist for the real estate group.