Homes sales in the United States have shown strong increases since February, showing more improvement than estimated by many analysts.
Sales for single-family homes, town homes, condo and coops rose 5.1 percent from 4.49 million units in January to 4.72 million units in February.
Concentrating on lower price ranges, first time homebuyers are accounting for around half of all home sales. Many of the first time buyers are concentrating on distressed properties and bargains, accounting for nearly 40 to 45 percent.
In February the national medium used-home price was $165,400. The median is the price at which half sold for less and half sold for more.
Lawrence Yun, NAR chief economist noted “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that doesn’t equate to a similar loss of value for traditional homes in good condition.”
NAR President Charles McMillion said “The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago,” he also said “It appears most of the increase in buyer traffic occurred in the later part of the month, after the $8,000 first-time buyer tax credit was put in place. At the same time mortgage purchase applications have risen, so we expect to see sales picking up around late spring.”
“In this changing market, smart buyers and sellers consult with Realtors who can advise them about current conditions in their area and counsel them on the best way to move forward,” he said.
Call Palm Beach’s Real Estate Specialists at Scott Gordon Realty to assist you with your home buying or selling needs.
Scott Gordon Realty – 561-533-5888 www.scottgordonrealty.com