Existing-home sales decline nationwide, but not in Vegas

Friday, April 25, 2003 | 10 a.m.

SUN STAFF AND WIRE REPORTS

U.S. existing-home sales fell in March, hurt by consumers' concern that the war with Iraq would slow the U.S. economy and by snowy weather a month earlier that prevented some buyers from shopping for houses.

But Las Vegas continued to buck the national home trends, setting a local record in the number of existing-home sales for the first quarter.

Sales of previously owned houses nationwide fell 5.6 percent last month to 5.53 million at an annual rate from 5.86 million in February, the National Association of Realtors said. It was the biggest monthly decline since June 2002.

"March's (nationwide) drop in home sales was due to the weak economy, the uncertainty surrounding the war and the weather, particularly the weather," said David Lereah, economist for the association. "Mortgage rates fell to new record lows in March, and that portends well for home sales in April. We believe this will be the second-best year on record for housing."

In Las Vegas, there were 3,521 recorded (escrow closings) existing home sales in March, compared to 3,057 in February. The month-to-month increase in existing home sales resulted in the first quarter ending with a record 9,546 recorded resales in Las Vegas, a year-to-year increase of 13.2 percent or 1,116 transactions.