The NAR reported this week that February 2009 Homes Sales increased 5.1% over January 2009, but sales are still down 4.6% over February 2008. Please note all stats are based on National Stats.
First Time Home Buyers accounted for at least Half of the February home sales, which attributes to more sales in lower price ranges.
40-45% of February Sales were Distressed Properties. On average Distressed Properties are selling for approximately 20% less than normal market value.
Housing Affordability is at a record High and interest rates on rose slightly above 5% in February 2009.
The number of home buyers is up 5% in February 2009 over January 2009 and also up 5% over February 2008.
The NAR President says that he expects Home Sales to pick up in Late Spring.
The median existing Home Price is $165,400 across the nation down 15.5% from a year ago.
Housing Inventory has rose 5.2% . There are currently over 3.8 million existing homes for sale, which is a 9.7 month supply across the US.
In the South, Sales have rose 6.1% from January 2009 to February 2009, but are down 11.2% from a year ago. The median existing Home Price is $146,700, down 10% from a year ago.
Although this may not all sound positive, it is certainly some of the best news we have heard in a while.