The National Association of Realtors has reported a significant drop of home sales in December, likely attributed to the belief that the first time buyer tax credit set forth by the Obama administration was set to expire. However, the rates are expected to rebound since the tax credit has been extended to later in the year.
Overall, total home sales were up 4.9% from 2008, giving realtors and buyers alike a hopeful outlook on the home markets. Additionally, the average price of a home sold rose 1.5% from last year.
Single family home sales rose about 5% from last year, totaling 4.6 million sold.
Condominium sales also increased from last year, about 4.8% from 2009, however their median price dropped 16.1% from last year, to $176,000.
We can take from this that there has been a general upswing in home sales and for the most part, home prices. While some areas such as the Midwest and areas of California remain slow on their sales and growth, it looks like most of the country has started to climb back towards recovery.
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