In spite of a rough economny and continued unemployment woes, home sales rose in 2009. According to the National Association of Realtors®, there were approximately 5,156,000 existing-home sales in 2009, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008. It was the first annual sales gain since 2005.
Total housing inventory at the end of December fell 6.6 percent to 3.29 million existing homes available for sale, which represents a 7.2-month supply at the current sales pace. That is an increase from a 6.5-month supply in November. The national median existing-home price for all housing types was $178,300 in December, which is 1.5 percent higher than December 2008.
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Posted in NAR, National Association of Realtors, National+Association+of+Realtors, Real Estate, Real Estate Market, Real Estate Market Conditions, buyers' market, home inventory, home prices, home sales, home selling, home valuation, housing market, market, real estate news
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Across the country the market seems to weakening. Some areas are reporting inventory up to five times the year-earlier level. This is forcing sellers across the nation to slash prices. In most area it is a return to normalcy but in some areas like Orlando and Phoenix, things are expected to get worse before the get better. Ivy Zelman, a housing analyst, has referred to Phoenix as "total bloodbath." Orlando has reported the biggest surge in inventory and home prices are down between 3-7 percent from just a year ago. Some homebuilders are offering buyer agent commissions up to 10 percent. William Wheaton, a housing economist at MIT, thinks we could be in for five to ten years of flat home prices.
Average U.S. Home Prices jump again in 3rd quarter
The Office of Federal Housing Enterprise Oversight (OFHEO) , the agency that regulates mortgage finance companies Fannie Mae and Freddie Mac, released figures this week that showed that housing prices in the United States jumped over 12% in the third quarter over 2004. OFHEO’s chief economist, Patrick Lawler, said in a statement issued with the report that the rate of increase in home prices in the third quarter "were extremely strong".
This report comes on the heels of a report earlier this year from OFHEO that showed the largest U.S. house price increase in more than 25 years for the second quarter of 2005. In that report, Lawler said, "There is no evidence here of prices topping out." contrary to reports of an eminent housing bubble burst.
According to these reports, now is still a good time for home sellers looking to lock-in gains from the five year run on real estate prices.
See Also
- Average Home Prices Up 12%
Pace slows from previous quarter, but increase still strong
- HousingTracker
Housing data (including median asking price and housing inventory) for cities/metros across the United States.
