We frequently hear and read news reports and statistics about what is going on nationally in the real estate market. I don’t really believe there is any such thing as a “national� real estate market. Different parts of the country behave very differently when it comes to real estate and different factors affect areas in vastly different ways. For instance, turmoil in the car industry could have a devastating affect on the housing market in Michigan and surrounding states and no affect at all in the market in Georgia or Arizona.
I thought I would write about this because of a recent report I read that painted a grim outlook on the national market but there were positive signs in certain areas of the country. As you see below in numbers quoted by the National Association of Realtors, there are some bright spots and signs that things are not quite as bad as previously thought.
Regional Sales Volume, Prices
The unusual mix of market conditions around the country continues, but areas showing healthy price gains include Greenville, S.C., and Springfield, Mo., both with solid local economies. “On the other hand, some markets like San Diego, Calif., and Fort Myers, Fla., are experiencing rising sales after sudden double-digit drops in local home prices, so lower prices and low interest rates are starting to generate results,�
• In the West, existing-home sales rose 6.4 percent in April to a level of 1.00 million but are 15.3 percent below a year ago. The median price in the West was $285,700, which is 16.7 percent lower than April 2007.
• In the South, existing-home sales were unchanged from March at an annual rate of 1.92 million in April, but are 18.6 percent below April 2007. The median price in the South was $170,800, down 5.1 percent from a year ago.
• In the Northeast, existing-home sales fell 4.4 percent to an annual pace of 870,000 in April, and are 14.7 percent below a year ago. The median price in the Northeast was $262,000, which is 7.7 percent below April 2007.
• In the Midwest, existing-home sales were at an annual rate of 1.10 million in April, which is 6.0 below March and 19.7 percent lower than April 2007. The median price in the Midwest was $159,100, down 2.9 percent from April 2007.
Posted by Carter Brown
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