The National Association of Realtors today announced sales and pricing statistics for the 2nd quarter of 2007. Home prices improved in many metro areas, but sales continue to lag compared to 2006. Overall pricing acrouss the country remains flat, but are beginning to creep up after bottoming out in 2006. The median home price for existing single family homes was $223,800 down 1.5% from $227,100 from the same period last year.
Home sales continue to lag, with single family home sales falling 11% from the same period last year on a national level. Comparatively, existing home sales in the Northeast fell 6.8% over Q2 sales in 2006, an improvement on the trend at a national level. Also encouraging is the 0.7% increase in median home prices for existing single family homes to $298,000 versus Q2 in 2006.
As a Realtor, my primary objective is to educate clients that buying a home is still a solid investment. Individual circumstances dictate whether now is the right time to buy for you; the mortgage crisis being what it is and the tightening of lending to even those with exceptional credit. Pat V. Combs, the President of the National Association of Realtors echoes this. According to her, homes continue to be a good investment particularly since most home owners stay in their home an average of 6 years. This can be compared to long term stock market investors weathering the ups and downs of the market on a micro level. In fact, according to Combs, "a typical owner who bought six years ago is seeing a 45 percent increase in the value of their home."
If you have questions about these statistics, or if you want to know if now is the time to buy for you, then drop me a line or give me a call.
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