The sales pace for resale homes rose for the third straight month in November, climbing 44.1 percent compared to the same month last year, the National Association of Realtors reported last week.
Sales reached a seasonally adjusted annual rate of 6.54 million, up 7.4 percent compared to October 2009. This rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal fluctuations in sales.
As positive news continues to mount regarding residential home re-sales and falling inventory levels, it is important for sellers to understand current market dynamics. These positive statistics are being primarily driven by sales of homes priced below $300,000 as the tax credit stimulus continues to drive demand in the lower price ranges.
Eventually the increased demand for lower priced homes will impact sales in higher price ranges, but that may take quite some time. Local sellers with properties over $500,000 are well advised to continue to price aggressively to attract the few buyers looking in those price ranges.
In general, there is a feeling that prices are bottoming out, but there is still some room for further compression at the top end of the market.
Monday, December 28, 2009
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