Market Update:
Recently the "National Association of Realtors" reported that existing home sales were up by 5.1%. This figure is still below the 2008 levels for the same period last year. Head economist for the NAR stated that the real estate recovery in the western states was stronger than anticipated. The gains in the western states were led by California, where average listing prices for homes was higher for the first time in the past three years.
Nationally, sales were higher across the country with the highest increase in the Northeast at 15.6%, followed by the South.
The number of buyers searching for homes rose 5% in February, which was 5% above a year ago. This increase appears to have taken place just after the $8,000 first-time home buyer tax credit was instituted. We have also seen a dramatic increase mortgage purchase and refi applications, so we can only anticipate this reflecting as an increase in homes sales by late spring.
Please feel free to email or call me at any time 301-785-0893.
Michael Patterson
RealEstate.com ~ Realtors
Residential Specialist
Multi-Million Dollar Producer
Certified Short Sale Specialist
Direct: 301-785-0893
Email: michaelpatterson@mris.com
Web: http://www.MdBankOwnedHomes.com
Web: http://www.EastonMdHomesForSale.com
Web: http://www.Annapolis-Maryland-RealEstate.com
Web: http://www.Maryland-Waterfront-RealEstate.com
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