Prices Rise for 4 months
If you listen to the same media (local and national) that I do, you might be surprised to hear that prices have actually been climbing. Most of the stories surround the existing housing crisis, Freedie Mae/Mac and very little about any good news.
For the most part, YES we do have a problem and of course we need help getting out of it but what you might not be hearing is how the inventory-to-sales has gotten better. How the median housing prices have been climbing for 4 months straight.
Here’s the statement from NAR-
According to NAR statistics, the median home price has fallen from a high of $230,200 in July 2006 to a low in February 2008 at $195,600, a drop of 15%. Since February, however, it has risen steadily every month. By May the index (which will be revised on July 24) had risen to $208,600, up $13,000 and a full 6.6%. Another indicator, the mean home price (otherwise known as the average home price), has also shown strength and has risen from a low of $242,000 also in February of this year to $253,100, a rise of $11,100 or 4.5%. It, too, has risen every month since February of this year.
On my last Podcast I covered the market conditions here in Phoenix. Things have gotten better but we still have a ways to go so “Is now the time to buy?”. Should you wait to see what happens? All I can say is the media is always months behind the curve so your attempts to time the market should not be dependent on the media. Feel free to call or email me for more information on specific markets and watch for my next Podcast for more information!
