The downward spiral of home sales continues, just last month houses and condos were sold at a rate of 5.5 million in the month of August. Thats a 13 percent drop decline in one year, according to the National Association of Realtors. Home sales are still dropping, but look at whats happening to prices and inventory.
There were about 4.5 million houses for sale at the end of August which was about a 20 percent increase over last years inventory according to the National Association of Realtors. But last month the median price of houses rose 500 dollars to 224,500 from last August to this August. The price went up even as sales went down.
Its unlikley that prices will remain this high because there is about a 10 month inventory nationwide, so naturally prices will go down. So... if your a first time home buyer considering on purchasing a new home for you and your family, now is the time. But if your in a home right now, keep an eye on the appraial value of the home becuase the prices may be falling more than you think and it might take over 2 years for the value to be where it was when you first bought the home! Holden Lewis gives great information about rates and the mortgage market, I use his information to give to you. I hope this helps!
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