The majority of U.S. cities experienced an upswing in the median price of single-family homes sold during the three months that ended Sept. 30th. This is the second consecutive quarter of gains. Nation wide the median home price went up $7,000 from the previous quarter.
The number of homes on the market has started to decrease indicating that we are closer to price stabilization. The concern is maintaining a steady number of buyers who are employed and therefore qualified to buy a home.
Much of the recent increase in home prices has been attributed to the government's first-time homebuyer tax credit. Which is probably why an extension and expansion to that credit was approved recently.
The $8,000 tax credit to first time buyers was scheduled to expire on Dec. 1st. Now, not only will it be in effect through the end of June, but those who have owned and occupied a residence for the last five years (out of eight) can trade up and get a $6,500 tax credit. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.
This could be as helpful, or maybe even more helpful then the previous version because so many more people will qualify.
http://money.cnn.com/2009/11/10/real_estate/latest_home_prices/index.htm
http://money.cnn.com/2009/11/06/real_estate/tax_credit_extended/index.htm
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