Vital Signs: Can Nerves Be Calmed about Housing?

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MEETINGS OF NOTE

Friday, Mar. 23, 8:30 a.m. EDT - Federal Reserve Bank of Richmond President Jeffrey Lacker moderates a panel discussion on "Liquidity Risk In Credit Markets" at the Credit Markets Symposium hosted by the Richmond Federal Reserve Bank in Charlotte, N.C.

9:15 a.m. EDT - Federal Reserve Bank of Philadelphia President Charles Plosser addresses the New Jersey Bankers Association convention in Palm Beach, Fla.

11:30 a.m. EDT - Federal Reserve Bank of New York President Timothy Geithner gives the closing remarks at the Credit Markets Symposium hosted by the Richmond Federal Reserve Bank in Charlotte, N.C.

EXISTING HOME SALES - Friday, Mar. 23, 10 a.m. EDT

Existing homes probably cooled off a little more in February. Sales improved a little in January, at an annual pace of 6.46 million, from 6.27 million in December, and 6.25 million in November. All the January sales improvement came in single-family homes, as condo sales slipped 0.1%.

Broken down by region, sales grew the most in the West, with a 5.6% monthly gain. However, the inventory of homes up for sale still grew to 3.55 million, equivalent to 6.6 months worth of sales. The number of existing homes up for sales in December was 3.45 million.

The weakness in sales is weighing on prices. The median price for single-family homes fell 3.5% from a year ago, with the decline centered among single-family homes. The median price of a condominium was up 0.5% from a year ago in January. The overall median price of an existing home nationally was $210,600, from $221,600 in December. The January median price was the lowest in nearly two years.

Mehring is economics writer for BusinessWeek .