HOME SALES SHOW SIGNIFICANT IMPROVEMENT IN MARCH COMPARED TO MARCH 2008 WITH BIGEGST SINGLE MONTHLY GAINS IN LAST 12 MONTHS
HOME SALES SHOW SIGNIFICANT IMPROVEMENT IN MARCH COMPARED TO MARCH 2008 WITH BIGEGST SINGLE MONTHLY GAINS IN LAST 12 MONTHS
March 2009 results showed for the first time that housing sales are starting to gain traction in all regions across the country. March 2009 housing sales were down only 5.8 percent compared to March 2008 which is best performance on a year over year basis in the last 18 months. While the average price of homes sold fell 14.7% in March 2009 from March 2008, this was also the best price performance in six months.
Home sales showed significant improvement in all regions in March 2009.
"March 2009 results show that low interest rates, soft home prices and high levels of affordability are countering other more negative news in the economy. Home prices which have been under pressure for three years now are starting to firm somewhat a trend that may continue in the months ahead. The economic picture obviously will continue to have an impact on homebuying. Even with near record low interest rates, rising unemployment will continue to put a break on how fast housing can recover," said Steve Murray, editor of REAL Trends. "As we said in our last report, there are several factors that will subdue housing sales in 2009. However, it appears that consumers are shaking off the other bad news and returning to the purchase of homes that fit their personal needs. Doubtless, the first-time home buyer tax credit, the loosening of underwriting guidelines for FHA mortgages and the Fed's intervention to lower rates are all factors assisting with the housing recovery.
REAL Trends Housing Market Report
March 2009 February 2009
(Versus same month a year ago)
Closed Sales AVG Price Closed Sales AVG Price
National
-5.8% -14.7% -18.1% -22.2%
Regional Report
Northeast
-16.2% -9.7% -29.1% -22.7%
South
-12.5% -7.9% -21.3% -12.4%
Midwest
-10.3% -12.6% -18.9% -16.1%
West
+18.7% -23.0% +36.3% -42.4%
