The NAR reported that
Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3.0 percent to a seasonally adjusted annual rate1 of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008.
You'll probably read in most places how existing home sales were "down" again. True, but there is a big "BUT..."
Existing home sales from March through August of last year were stable at 4.9 million/year seasonally adjusted (+/-.05 million). In the wake of Black September they immediately declined into the 4.5-4.7 range and have remained there for 5 months.
While existing home sales aren't improving, they aren't meaningfully contracting any more. Barring another Black September-like shock in the next 6 months, they should bottom about the end of this year.