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Real Estate Market surge in most states, finishing strong last quater. Prices are up in other areas.

By
Real Estate Agent with Coldwell Banker Prime Properties

Tuscan Style Home

Real Estate Market surge in most states, finishing strong last quater. Prices are up in other areas.  Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors ® .

Real Estate Market surge in most states, finishing strong last quater. Prices are up in other areas.  Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.

Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonallyGraph of increased sales adjusted annual rate 1 of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

Real Estate Market surge in most states, finishing strong last quater. Prices are up in other areas.  Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit was the dominant factor. "The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates," he said. "With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices."

Real Estate Market surge in most states, finishing strong last quater. Prices are up in other areas.  According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to a record low 4.92 percent in the fourth quarter from 5.16 percent in the third quarter; it was 5.86 percent in the fourth quarter of 2008.

 

Comments (2)

Celia Maddox
Solutions Real Estate-The Celtic Connection - Gilbert, AZ

Thanks for posting. I learn a lot of good information on Active Rain blogs. Best Regards,

Feb 11, 2010 02:30 AM
Steve Zarry
House Buying Now - Austin, TX
Austin Central Texas, Real Estate

Great news! The tax credit and low interest rate programs have really helped generate home sales!

Feb 11, 2010 03:31 AM