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Hot Market: Glacial Move In Prices, Sales Signaling Turn Around
July 11, 2008
By M. Anthony Carr
In real estate, the traditional mantra was always location, location, location. In today's world of value-based purchasing, it's price, price, price. Around the country, prices have hit a psychological floor for buyers who now believe now is the time to get off the fence and get into the game of buying homes. Thus, slowly, prices and sales volume are starting to swing upward nationally.
The latest monthly statistics from the National Association of Realtors attest to the intrepid buying population putting their collective toes back in the home-buying pool. The association reported this month that "although conditions remain mixed around the country, unpublished snapshot data shows a number of areas are experiencing much higher sales activity than May 2007."
Browsers to RealtyTimes.com have heard reports of pending sales increases across the country, including, Florida, Texas, Michigan, California, Virginia and numerous other regions. Combined, that data is providing a glacial move in home sales region by region.
Existing-home sales in the Midwest rose 5.5 percent in May; Northeast existing-home sales rose 4.6 percent; in the West sales rose 2 percent. The south is the only large region to see a dip and it was less than 1 percent compared to last year's levels.
On the pricing front -- prices moved upward in May to a national average of $253,100 for all property types -- which marks about a $6,000 increase on the average from a month before and the highest dollar average for the year.
Copyright © 2008 Realty Times. All Rights Reserved
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