Easter weekend brought good news to the Real Estate market as reports
surfaced that existing-home sales increased during February for the
first time in seven months.
Home sales rose to 5.03 million in
February, compared to 4.89 million in January of this year. Add to it
that February was a day or two shorter than any other month this year,
and you'll find promise that the home sales market may be on the
upswing. Granted, one extra day in a month isn't too long, but with 5
million home sales in a 29-day month, that equates to over 173,000
homes sales a day.
On the flip side, the median home price
dropped from $213,000 to $195,900 in February--an 8.2 percent drop, and
the largest on record, according to
NAR. So homes are obviously selling
for less on average, but at least they're selling.
Another way
to consider the decline in median home price is to consider that when
the economy gets tight, it is often those with money who can afford to
sit still, while those without may be forced to readjust their monthly
bills. Read: as the economy falters some, it's more likely for cheaper
homes than expensive ones to go on the market. So the decline in median
home price may not necessarily be truly reflective of a decrease in the
value of homes across the nation.
Read the full article
here, courtesy of RealEstateJournal.com.
