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Home Sales Are Up and Inventory is Starting to Drop
Home Sales Are Up and Inventory is Starting to Drop
The National Association of Realtors just released their latest report on December 2008 home sales, and there is good news.  Home sales rose 7% in December 2008 compared to November 2008.  Inventory dropped 11.7% to 9.3% months of supply at the current sales pace.
Reasons Behind the Increase In Sales
Investment opportunities in Florida, California, Nevada and Arizona and other speculative markets can be attributed to the increase in home sales because prices in those areas have been declining for awhile and unemployment is rising.  Lower interest rates and affordable homes are driving buyers and investors to the market place at the moment especially in these areas.  The National Association of Realtors reported that the national median existing home price in December 2008 was $175,000, a whopping 15.3% lower than December 2007.
REO's, short sales, and foreclosures are major factors in the increase in sales and the drop in inventory making affordability once more a reality for today's home first time home buyers.  Take for instance the Las Vegas market.  According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index about 60.6% of homes for sale in the Las ... more

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