By: Dennis Norman
This morning the U.S. Department of Commerce released a report showing the sale of New Homes in March decreased 0.6 percent from February and is 30.6% less than a year ago.
A decline of less than 1%, following last February’s increase of 4.7% in sales I think again shows the market is perhaps leveling off. In addition, the change in year over year sales from last year has decreased from 41.1% less from February 2008 to February 2009 to 30.6% less from March 2008 to March 2009. Read more…
By: Dennis Norman
This morning the U.S. Department of Commerce released a report showing the sale of New Homes in February increased 4.7% over January sales but was still 41.1% less than a year ago.
It will take a lot more than this to conclude that we have “hit bottom” yet in the new home market but I think this is a positive sign and could be indicative of things to come.
The other positive news in this report was that the inventory of new homes continues to drop. Inventory was down to 330,000 new homes for sale at Read more…
By: Dennis Norman
This morning the U.S. Department of Commerce released a report showing the sale of New Homes in January was down 10.2% from December and down over 48% from a year ago.
There is some good news in this report…consistent with the last few months, the number of new homes available for sale Read more…
By: Dennis Norman
The National Association of REALTORS(R) (NAR) is projecting existing home sales for 2008 to come in at 5.2 million homes sold down from 5.7 million for 2007, 6.5 million for 2006 and 7.1 million for 2005. On a positive note, sales increased from August to September by over 5% and sales for 2008 through September are up over 1% from the same time last year. NAR is also reporting a 9% decline in the median home prices nationwide for the past year.
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By: Dennis Norman
Property owners thinking of selling their homes as well as consumers thinking about buying a home are in the same boat. You will both find yourself in a challenging real estate and mortgage market in the shadows of a shaky economy. Real estate values have dropped in most parts of the country after several years of record growth, the inventory of homes is large and sales are slowing again. You are asking yourself if now is the right time to sell or buy. The media has sensationalized the problems in the market and have scared many consumers into a state of paralysis with regard to making a move when it comes to real estate.
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