Home sales Strenghten in 3rd Qtr

Most states continued to find strengthening home sales in the third quarter of 2009 with prices stabilizing  in many cities, according to NAR ( National Association of Realtors).

Increased sales over  the second qtr in 45 states and the District of Columbia with some states experiencing 10% or more gains

It appears that  said the tax credit may be a factor aiding in the gains. It is clear that it has helped the market, yet it is unclear as to whether or not those buyers would have purchased later anyway, but just rearranged the figures into the 3rd quarter. Additionally, lower prices and foreclosures assisted in elevating those numbers.

The national median existing single-family price dipped 11% from 2008 to $177,900. Foreclosures and short sales – amounted to 29 percent of sales in the third quarter, which continued to weigh down median home prices because they sell at a discount relative to traditional homes.

There are few homes on the market and the unsold inventory is stabilizing, but the lack of the amount of qualified buyers is evident by the phone calls received by many Realtors.

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