Good News for Real Estate Sales!

Finally!!

Watching the morning news today and we hear good news about real estate! That's a real shocker! Of course, the "pollsters" also have conflicting numbers, it's all a matter of who you ask! My favorite source for all things real estate, is of course the National Association of Realtors!

We all must keep in mind whenever you are listening to real estate market news, that each market can have it's own ups and downs, independent of what's happening nationwide, as well.

Here are some of the out-takes I found interesting from the AP today:

"The Commerce report on new home sales showed the April rebound was led by a huge 41.7% surge in sales in the Northeast. Sales were up 8.3% in the West and 5.8% in the Midwest. The only region which saw a decline in sales in April was the South, where sales fell by 2.4%.

"The inventory of unsold new homes edged down slightly to 10.6 months' supply at the April sales pace, compared with 11.1 months in March. However, the April level was still about double the inventory level that was normal during the five-year housing boom."

"That boom ended in 2005 and since that time the housing industry has been struggling in a tough environment with falling sales and prices and rising mortgage defaults."

From the NAR:

"...a greater number of areas are showing sales gains from a year ago and a recent reversal in mortgage policy means the market is better positioned for a turnaround, according to the National Association of Realtors®."

"According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage slipped to 5.92 percent in April from 5.97 percent in March; the rate was 6.18 percent in April 2007."

"Regionally, existing-home sales in the West rose 6.4 percent in April to a level of 1.00 million but are 15.3 percent below a year ago. The median price in the West was $285,700, which is 16.7 percent lower than April 2007."

What does it all mean??? It all adds up to what we've been saying, the market is great for buyers, and starting to look better for sellers!

Give us a call! 800-860-6774

Joy Young Gugel
Broker
with:

Bonnie Jenkins
ABR CRS CRB GRI
Principal Broker
PSI Property Specialists