|
Existing Home Sales Rise
The National Association of REALTORS (NAR) reported that existing home sales increased 5.1 percent in February, reversing the trend from the previous month. Total housing inventory for sale rose 5.2 percent in February, representing a 9.7-month supply at the current sales pace. Existing home sales — including single-family, condos, co-ops and townhomes — are projected at 4.72 million units for 2009, up from 4.49 million units projected in late February.
According to Lawrence Yun, NAR chief economist, "Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February." Yun also referred to strong improvements made in the West, including California, "where the median listing price is beginning to rise for the first time in three years."
Home shopping has picked up with increased housing affordability. NAR president Charles McMillan said, "It appears most of the increase in buyer traffic occurred in the latter part of the month after the $8,000 first-time buyer tax credit was put in place. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring."
Freddie Mac is reporting favorable mortgage rates hovering in the high 4 to low 5 percent range for a 30-year fixed-rate loan.
REMEMBER ALL REAL ESTATE MARKETS AND VALUES ARE DETERMINED BY THE LOCAL MARKET.
TEXAS IS NOT EXPERIENCING THE DOWN TURNS THAT SOME METROPOLITIAN AREAS ARE EXPERIENCING.
For information on your particular area, please contact The Snowden Team 817-441-7707 or go to: www.texasmarketvalues.com to sign up for a no hassle, no obligation market analysis.
|