Sales of existing homes increased 13.9 percent nationwide in Q4

Sales of existing homes, including single-family and condos, increased 13.9 percent to 6.03 million units in the fourth quarter, compared with 5.29 million units in the third quarter, according to a report by NAR.  Sales also were 27.2 percent higher than the fourth quarter of 2008.  Distressed properties accounted for 32 percent of fourth quarter transactions, a decline from 37 percent a year earlier.

The national median home price for existing, single-family homes was $172,900 in the fourth quarter, a 4.1 percent decrease compared with the fourth quarter of 2008.  In the West, which includes California, existing-home sales increased 16.2 percent in the fourth quarter to an annual rate of 1.38 million units, 18.2 percent higher than a year ago, according to the report.  The median home price of existing, single-family homes in the West was $227,200, a decline of 8.9 percent compared with the fourth quarter of 2008.