Those of you who are waiting to list your home because of a down economy can see the light at the end of the tunnel. Both nationally, and locally, existing home sales are up by nas much as10%, depending on your local market conditions.
Here are the National Stats:
Sales of existing homes were up 10 percent year-over-year in April and up 3.4 percent from March, according to the National Association of Realtors.
Existing home sales closed at a seasonally adjusted annual rate of 4.62 million in April, up from 4.2 million in April 2011 and 4.47 million in March.
The national median existing-home price increased 10.1 percent from April 2011 to $177,400 -- the largest year-over-year increase since January 2006. It was also the first time since June and July of 2010 that were consecutive months of year-over-year prices increases, following March's 3.1 percent improvement.
It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” said NAR economist Lawrence Yun. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.” Source- The Housing Zone.com.
Locally, there has been an upward swing in activity as well. I discussed the local market with my wife, Angela Mueller of Century21 Dairyland Realty the change in recent months. "Until the recent three months, buyers may have had a larger amount of time to consider a property before offering on it. In a growing number of cases, though, they are finding that they missed out on a great buy. They simply didn't anticipate the change in the demand for the property."
Angela Mueller- C21 Real Estate Agent
Good news for existing home owners. Existing home sales are up for the month of November. Enough, in fact, that sales are nearing that of the final months of when the Federal stimulus package was in effect one year ago.
Pending home sales were up 5.9 percent in November from 2010 and up 7.3 percent from October, capping a fortnight of positive indicators for the housing market.
The National Association of Realtors' Pending Home Sales Index hit
100.1, its highest level since April 2010's tax credit-fueled buying
rush. The index reflects
signed contracts, but not closings.