There is a 6.5% national rise in home sales since November in 2008. This increase is driven largely by 4 states that experienced some of the biggest price declines in 2008. Home sales in California are up 84.7%, Nevada is up 133.7%, Arizona is up 42.6% and Florida is up 12.5%. The biggest reason for most of this new activity is because of distressed home sales, foreclosures and short sales.
It would appear that lower interest rates and lower home prices are attracting home buyers to Markets like California, Florida, Arizona and Nevada. Could it be the states that brought us into the market downturn could be the ones who lead us out of it?
Comparing home prices in 2008 to 2007, according to the National Assosiation of Realtors, California was down 26.9%, Nevada was down 22.8%, Arizona was down 19% and Florida was down 18.2%.
The states with the biggest price drops in 2008 are the same states that saw the biggest increases in home sales this year. With home sales on the rise .5% nationally, home prices low and mortgage rates at a low not seen since 1969, now is an incredible time to buy a home.
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