I’m thrilled to be able to say that the real estate market is picking up! Not only are sales increasing, but home sales prices have been increasing too!
National sales prices have risen for the last 4 months in a row, and are up nationally more than 3% (three percent) since May. This information comes from The Standard & Poor's/Case-Shiller home price index of 20 major cities.
Rising home prices are a key ingredient to rebuilding the economy. Homeowners feel wealthier when their property appreciates in value and are more likely to spend money. Rising prices also help millions of homeowners who owe more to the bank than their homes are worth.
Sales Volume is Up as Well
The sales of previously owned homes are also at the highest level in 2 1/2 years, according to the National Association of Realtors (NAR).
The National Association of Realtors said sales surged a record 10.1 percent month-over-month to an annual rate of 6.10 million units, the highest since February 2007, from a downwardly revised 5.54 million-unit pace in September.
The biggest factor contributing to this is first time home buyers taking advantage of the $8,000 Tax Credit. With the Tax Credit extended into April of 2010, it’s likely that sales will continue to rise in the near future.Local Sales are Growing too
The Carrington subdivision in Waldorf, MD has actually seen sales as high as $272,000 in the past two months. Prices that high would have been unheard of this past summer! The bottom line is that affordability is back in the market, and even the traditional slow down in the market that old man winter brings is not a factor this year. If you’re looking to try and take advantage of the limited opportunity offered by low rates, and low prices, give me a call!Related Links:
Home prices rise for 4th month in a row
http://news.yahoo.com/s/ap/20091124/ap_on_bi_ge/us_home_prices_5
U.S. existing home sales pace highest in 2-1/2 yrs
http://news.yahoo.com/s/nm/20091123/bs_nm/us_usa_economy_housing
~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell
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