Us Home Sales Prices Decline, Marin Homes Under A Million Up
Real estate analysis groups are reporting that property values dropped in eighty
percent of cities across the country during the third quarter this year, largely due to the influx of deeply discounted distressed sales that have hit the market, accounting for thirty percent of all homes sold in the period.
Homes are selling, however, with sales during the quarter climbing higher than the previous quarter as well as the third quarter of 2008, according to a report released Tuesday by the National Association of Realtors.
The median sales price, or the halfway point between the highest valued home sold and the cheapest, was lower than last year's third quarter in 122 of 152 metropolitan areas, and higher in just thirty. The national median came in at $178,000 which is more a than ten percent drop from last year's third financial period.
The Things are improving, however, according to industry experts, as the decline seems to be slowing and the glut of unsold homes is shrinking, prompting many to predict a stabilization in the very near future. As long as unsold inventory continues to fall and lenders continue to award loans to financially stable buyers, the market should soon reach a point of being able to sustain itself.
The worst drop in sales prices occurred in Fort Myers, Florida, where the median of $99,000 was 39 percent lower than 2008. The Las Vegas area was a close second, with the median falling 36 percent to $138,000. The largest gain, on the other hand, was found in Cumberland, Maryland, where the median climbed almost twenty percent to $122,000. The Davenport, Iowa area came in second with a 15 percent rise in the median to $116,000.
Thanks in part to the Obama Administration's $8,000 tax credit for first time homebuyers, sales were higher in 45 of the 50 US states in the third quarter, climbing more than ten percent in 28 of them. Total home sales for the country came in at a seasonally adjusted rate of 5.2 million, a rise of almost 12 percent from the second quarter's 4.8 million adjusted total.
President Obama signed a bill last week which will extend the tax credit past the November deadline originally set. The bill also expanded the credit, allowing for a credit of $6,500 for homeowners who have owned for at least five years and wish to move up. The credit for first time buyers, or, more accurately those who have not owned for at least three years, will remain at $8,000. The new deadline for the credit is April 30, 2010 to sign a contract. Buyers must also close by June 30, 2010 to qualify. The credit will be applied to buyers" tax returns for either 2009 or 2010.
The Marin real estate market is beginning to see a lot more action in the "homes under a million" range. Although not all homes priced under a million dollars are moving (some are stagnant due to foreclosures, or other bank owned properties), the numbers are increasing and the numbers of homes in this price range has tripled in the last few years. Until buyers and sellers become more accustomed to the prices in Marin, I think it is going to be a slow recovery process for the Marin market.
by: Ron Parks
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