28 Metropolitan areas showed increases in median (Not a good Benchmark-Median means middle not average. Average would be better. Who are they fooling-these experts.) existing single-family home prices from the same quarter in 2007. Areas such as Elmira NY, Tulsa OK, Wichita KS and Urbana IL. But even in areas where average home sales have dropped drastically, there is good news. Buyers who have been shut out of the home ownership market, are now finding that they can afford to buy. And they ARE buying. Three states where the ‘housing bubble' has burst are seeing some of the highest increases in sales. The largest sales gain during the third quarter was in Arizona, up 28.3 percent from the second quarter, followed by California which rose 28.1 percent and Nevada, up 26.2 percent. These areas have seen some of the strongest sales gains with some reports of multiple bidding. Remember the bad started here, so it would be fair to say it should rebound here first!And there's also good news for sellers. The typical seller purchased their home six years ago and is still experiencing net equity gains, even in today's depressed markets. The national increase in value since the third quarter of 2002 is 18.3 percent, which is a median gain of $31,000. Even with the current downward price distortion, 90 percent of metro areas are showing six-year price gains.So while we are definitely in turbulent economic times, there is GOOD NEWS to be found if you look for it. Hopefully, some home buying incentives will be passed soon to stimulate even more home ownership. Lawrence Yun, the chief economist at the National Association of Realtors, said that, "A pattern of sharply higher sales in areas with large price declines is well established," Yun said. "Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it's important for government to keep that in the forefront of stimulus decisions."
About David Fanale:
David Fanale is the Broker and Owner of CENTURY 21 Eudan Realty, which is based in Hasbrouck Heights, NJ. David’s company utilizes several websites for marketing and training. They are www.Centruy21Eudan.com, which is noted as the quickest and best local site in Bergen County and all of New Jersey; www.LivingInBergenCounty.com, a site for Buyers for the most part, to request information on homes for sale and www.BergeCountyHousePrices.com which is a site dedicated to getting consumers to ask for local sales info as that info is not easily attainable in Bergen County due to NJMLS restrictions. The latest website endeavor is www.BergenCountyRealEstateCareers.com is for the real estate agent that wants to further their career, achieve more success in less time as well as receive coaching from the area leader in real estate training, David Fanale himself. For further assistance contact David at dfanale@c21eudan.com
