National Homes Sales Up

by March 26, 2008 • 2 comments

As reported by the National Association of Realtors, national existing home sales were up in February 2.9% to a pace of 5.03 million units, up from 4.89 million in January. This is still 23.8% below February 2007, but Lawrence Yun said “the improvement is another sign that the market is stabilizing.”

The national median home price is down from last year ($213,500) to $195,900, mostly the result of the slowdown in sales being greater in higher-cost areas.

Housing inventory rell 3% in February to 4.03 million units, representing a 9.6 month supply, down from a 10.2 month supply in January.

Single family homes rose 2.8%, 4.35 to 4.47 million, but is 22.9% below the 5.8 million unit level February 2007. Existing condo sales rose 3.7%, 540,000 to 560,000 and is 29.7% below the 797,000 unit pace in February 2007. The median existing condo price was $211,700 in February, down 4.9% than February 2007.

In the Northeast, existing home sales rose 11.3% and the median price is up .4% to $264,800. In the Midwest, existing home sales are up 2.5% and the median home price $143,900, 7.1% lower than February 2007. In the South, existing home sales is up 2.1% with the median home price at $163,400.

As reported by the National Association of Realtors, Existing Home Sales Rise in February.

Agents, how is the market treating you locally? Are you noticing any pick up in sales? I’m in the resort sales and marketing business and one of our projects is gaining traction with 2 homes under contract in last 30 days with four more deals in the works. Our background is in preconstruction sales, but we’ve found that buyers are not buying without something to touch and feel, something they can use now. I think all of the buyers we’re working with are lifestyle buyers, not investment buyers.

Are things picking up?

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1 Don and Bubba April 1, 2008 at 11:38 am

Don and I have noticed a dramatic increase since Jan.2. We have had closings on both sides of the bridge as well as financing and cash deals. We have also zeroed in on a financing company that is still able to get deals closed within a reasonable amount of time. All of this points to a stable market. Thanks, Don and Bubba

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2 Melissa Ryan April 3, 2008 at 10:14 am

The market has picked up a lot in the last few weeks. We have many buyers who are putting offers in on properties and sellers who are receiving offers with properties going under contract. It is very good to see the market bouncing back and the opportunities for buyers to get in on a buyer’s market. The nice thing about being a seller right now is the ability to re-invest their profit from a sale and buy again at the fantastic prices. As you probably know, Panama City was rated as the # 1 place to buy for investment purposes according to CNN Money.com projecting a 72% gain in home prices over a 5 yr. period. What a good time to buy!!!! We are lucky to be here at such an exciting time. Pier Park and a New International Airport are just the beginning of great things to come.

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