Real Estate data indicates that the overall housing market is slowly improving

Price declines are getting smaller, sales volume is getting larger and the overall real estate market appears to be mending.  October sales were up for pre-existing home sales, 23.5% up compared with October of 2008.  Homes sales for October were predicted to be 5.70 million, but the sales volume turned out to be 6.1 million.

Encouraging words are being spoken about real estate by NAR’s chief economist who stated that, “Existing home sales have already bottomed. Home prices are almost there. We are seeing less of a decline in house values.”

Approximately one third of home sales in October were made by first time home buyers taking advantage of the first time home buyer tax credit.  The median home price fell 7.1%, still affected by distressed properties which accounted for 30% of October’s home sales .

In addition, inventory of homes for sale has dropped slightly, indicating that the housing market is indeed recovering slowly.  Tax incentives, low mortgage rates and decreasing home values continue to make their mark, helping real estate sales to increase.  The housing market’s recovery will hopefully seep into the minds of consumers, giving a bit of peace and spurring on recovery in other sectors.

But do not be fooled, new home sales are the real predictor of the state of our economy.

Real estate appears to be stabilizing across the Country

A recent report shows improvement in real estate across the country.  The well known S&P/Case-Schiller index shows that the 10 city index and the 20 city index a marked improvement in real estate in the majority of cities that it tracks.  What the reports displays are small improvements or minimal devaluation in home values.  Home values are up anywhere from .1% to 3.4% in ten cities. In other areas real estate values have remained flat and in harder hit areas home values are decreasing at significantly lower rates.

While the news is certainly not staggering it is encouraging because it indicates that real estate markets across the Country are leveling out.  Home values are falling less sharply and people are being drawn back into the real estate market.  It is no surprise what is stimulating the market.  Low home values, low interest rates and the First Time Home Buyer Tax Credit have combined to create an ideal buyer’s market.

For more information on the latest info click here for a report from Yahoo real estate.

Or Call Me Kevin Duffy at 513-602-6000 for more information!