Finally – some positive news about the national housing market! Although home prices continue to slip lower as more homeowners face foreclosure, the amount of the decline is very small on a national average basis.
Here are the highlights of the National Association of Realtor's (NAR) national housing data over the past 12 months (year ending June 30, 2007):
Median price of a single-family home slipped 1.5%
Median price of a condominium rose 1.0 %
Overall prices have declined 1.7% from their peak in the 3rd quarter 2005
97 of 149 major metro areas appreciated in past 12 months
Home prices are relatively flat since bottoming out in 4th quarter of 2006
Recent mortgage disruptions will hold back sales temporarily
Prices expected to turn positive in spring 2008, with 2% gain on the year
Prices expected to increase further in 2009
Number of home sales fell more than home prices - down 10.8%
National home sales at 5.91 million vs 6.63 million one year ago
Current inventory level shows an 8 month supply of housing
Overall the news can be viewed as positive, since it now appears that the worst may be over with respect to price declines. Could we finally be headed for a turnaround in the housing market?
To learn more about the local housing market and Huntsville AL real estate, please visit my website or call me today at 256-508-0211.You can also sign up to receive automated emails of new listings!