Nothing odd about it. The realtors are advising those selling existing homes that the market is no longer hot, and they have to reduce asking prices. With falling prices, there are more buyers...something that new-home builders don't seem to grasp.
The weather throughout much of the country in Feb, was not favorable for peoiple going out looking and buying homes. Winter months are not the best barometer for measuring sales. Let's see what April and May brings.
Which is the opposite of what the article says.
"The sales pace of previously owned homes rose 3.9 percent in February, the biggest gain since March 2004 the National Association of Realtors said on Friday."
Maybe some new home builders understand. We are purchasing a new home from Beazer in Los Angeles County. They had list price at $385,990. Settled at $375,990. When we went in to sign papers, without any bargaining, dropped the price to $360,990. I'm not complaining.
Our present house sold in three days to a neighbor for 1% less than our asking price.
Times are rough out there for sellers, but the world has not yet come to an end.