Pleasant Surprise - Sales Up

Nationwide sales of existing homes were up 5.1%, the largest jump since July of 2003. First time buyers accounted for half of all home sales last month, evidence that the $8,000 tax credit for purchase of a home by a first time buyer is working. First time buyers were looking for bargains though and operating in the lower price ranges. The median sales price was down 15.5% from a year ago. In the Midwest sales increases were more modest at 1% over the previous month but the median sales price was only down 7.8% from a year ago.

Many of these sales were distressed sales. Removal of these homes is important to stabilize the marketplace and relieve consumer anxiety. Locally, there is less in the way of distressed sales and as a result prices have not dipped as drastically as they have elsewhere in the country.

Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445scott@mckinneyrealty.net