"As the median sales price for new homes slipped to its lowest level in four years, sales of single-family homes increased by 2.7% last month to a seasonally adjusted annual rate of 464,000, the Commerce Department said. Economists had forecast a September sales rate of 455,000. Sales in most regions of the country declined or remained virtually flat, while the West saw a 22.7% increase in new home sales."
Interesting indeed for the Lake Powell area housing industry. A market comparison for the six weeks that ended 10-24-08 shows:
- The same number of single family lots on the market as last year
- Home Prices fro stick built homes have increased an average of $10,000
- Manufactured Home Prices in the Lake Powell area have declined by 21%
The Wall Street Journal article also talks about housing inventories which have hit a nationwide mark of 10 months supply on the market.
- We have 42 stick built homes on the market currently, which is twice as many as last year.
- There are the exact same number of manufactured homes available as last year.
Bottom line, while the market has slowed down in Page a bit, it is still an excellent time to buy as our market has remained basically stable. With several new developments in the works: Indigo Ridge, Tuscany, Toroweap and Lake Powell View Estates now is an excellent time to buy in the Page Lake Powell area.