The EconomyTo Sumarize the latest in the Housing market: New home sales data came out on Wednesday, Dec. 27th with a positive message.  Home Sales rebounded, up .04 million to 1.05 million in October.  The average median home price came in at $251,700 in November which is about a $3,000 increase since October.  This is good news since we’ve had a decline in home sales in the fall of this year, as well as an increase in the amount of homes put on the market.  Even though the pace of home sales is down 15.3 percent from the hot market we were in last year, it’s up nearly 7 percent from the decline that we had in July. 

This doesn’t mean that we are completely out of our decline in home sales but it is an indicator that we might be getting close.  There are still an overwhelming amount of properties for sale which has turned this market into a buyer’s market.  Developer’s are going to continue to hand out incentives, such as paying up to 6% closing costs and paying a year’s worth of Home owners Association dues.  But I have a feeling that this is a sign that we’re getting closer to bottoming out (if we haven’t bottomed out already), and that 2007 we’re going to see a slight change for the better.

So for all of you buyer’s out there, now is the time.  It’s your market!  Read the posts before this and realize that the power is in your hand.

Blake Gratton, The Mortgage Skinny

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