Home Prices are Favoring Buyers In Most Areas - Part 1

By
Real Estate Agent with Keller Williams Preferred Realty

The National Realty News has an interesting article written on May 15, 2007. Below is Part 1.

State existing-home sales in the first quarter generally are below a year ago but more states are improving than reported in the fourth quarter of 2006, and home prices in most areas show that conditions are favoring buyers, according to the latest quarterly survey by the National Association of Realtors®.

Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate1 of 6.41 million units in the first quarter, down 6.6 percent from a 6.86 million-unit pace in the first quarter of 2006, but are 2.4 percent higher than the fourth quarter 2006 level of 6.26 million. Fourteen states and the District of Columbia showed increases in the sales pace from a year ago, up from only six states showing gains in the fourth quarter report. One state was unchanged, and complete data for two states were not available.

In the first quarter, metro area existing single-family home prices, comparing changes in 145 metropolitan statistical areas 2 show 82 metros had price increases from a year ago, including 11 areas with double-digit annual gains; 62 had price declines, and one was unchanged. In the fourth quarter, 71 areas had reported price gains.

The national median existing single-family home price was $212,300 in the first quarter, down 1.8 percent from a year ago when the median price was $216,100. In the fourth quarter, the median price was reported to be 2.7 percent below a year earlier. The median is a typical market price where half of the homes sold for more and half sold for less, but there is a downward skew in the national comparison because sales have shifted away from many high-cost areas.

Comments (2)

Alan McClurg
Bob Leigh & Associates, Realtors - Olive Branch, MS
In DeSoto County, Mississippi we are certainly seeing prices bend downward.  The only thing keeping them up right now, is the large number of newly constructed homes on the market.  The builders do not sell their homes for less than asking price here.  Asking prices for new construction have stayed where they were before the market slow-down.  However, builder concessions are bordering on the ridiculous right now.
May 19, 2007 02:18 PM
Anonymous
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Nov 30, 2009 11:04 PM
#2