The market IS steadily getting better. Data concerning the previous tax credit shows that it did just as intended. Sales have jumped in recent months, trimming the inventory, and stabilizing home prices noticeably. It's a fragile and slow recovery, one that's expected to continue now with the extended tax credit. Existing home sales surged in October, making the sales activity highest since February, and sales are 23.5% higher than this time last year.
We're getting closer to a general balance between buyers and sellers, as the inventory of homes steadily drops. It is now at the lowest level in two and a half years. Home prices are starting to stabilize and may even start to rise in the second half of 2010. A lot of these numbers are on the national level. Real Estate is a local industry, what happens in NYC, or Pheonix, or Seattle, may not have much impact on those of us living in the Carolina's and the Upstate.
An article from RISMedia shows that in the South, which is still a general area,
"existing-home sales rose 12.7% to an annual level of 2.30 million in October and are 25.7% higher than October 2008. The median price in the South was $151,100, down 6.3% from a year ago."
Interested in knowing what the market is like in your area? Visit my website and give me a call!
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