Southern U.S. home sales recovering the fastest
The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago. In the West the index increased 3.9 percent to 93.1 and is 1.7 percent higher than March 2008. The index in the Northeast fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago. In the Midwest the index slipped 1.0 percent to 82.3 but is 8.2 percent higher than March 2008.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in March, rose 3.2 percent to 84.6. February’s pending home sales index was slightly revised down to 82.0 from 82.1. Compared to the same period a year ago, pending home sales rose 1.1 percent.
First-time homebuyers looking for bargains snapped up about half of all homes sold last month. Much of this is attributed to first-time buyers taking advantage of favorable affordability conditions, including an $8,000 tax credit.
“Homes are more affordable than they’ve been in years and mortgage rates are near record lows”, said Lawrence Yun, the National Association of Realtors chief economist. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around,” said Yun.
The median sales price in March was $175,200, higher than February’s median price of $168,200.
May 5th, 2009 at 6:48 am
It is not nearly as difficult to find some good news about real estate now. Has anyone talked to any realtors from California?
May 8th, 2009 at 6:25 pm
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