Although, the spike in sales is still slower than it could be as people are waiting for the full effects of the Obama Administration’s Stimulus plans to come into play.
Home sales rose 5.1% to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January.
Lawrence Yun, NAR chief economist, said first-time buyers accounted for half of all home sales last month, with activity concentrated in lower price ranges. “Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February,” he said. “Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price.”
This is exciting news showing that properties are selling and first time buyers are returning to the market. This national trend, Yun goes on to say, is lead by the boost in home sales in California. Where, the median home price is starting to rise for the first time in three years! Also the number of buyers looking at properties increased last month at 5% over the previous period as well as 5% over last year!
We will post more on this story when we hear it. Things are definitely looking up for 2009!
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If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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[...] Yun – NAR Chief Economist had this to say: “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market…[as] buyers [...]
[...] The time has come! The National Association of Realtors’ has announced that they have seen more and more buyers returning to the housing market to take advantage of the great selection of inventory available at record prices. “There has never been a better time to buy…Housing affordability is at an all-time high, mortgage rates are historically low, and interest rates are the lowest they’ve been since the days of Eisenhower” said NAR Chief Economist Lawrence Yun. [...]