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REALTOR®: NAR Reports Existing Sales Were Up Nationwide in FebruaryWednesday, March 26, 2008
The National Association of REALTORS® this week reported sales of existing homes increased in February and appear to remain stable, as existing-home sales –single-family, townhomes, condominiums and co-ops – rose 2.9 percent to 5.03 million units in February from 4.89 million in January. Although home sales remained 23.8 percent below the February 2007 level, NAR Chief Economist Lawrence Yun said the gain is encouraging. “Buyers taking advantage of higher loan limits for both FHA and conventional mortgages will unleash some pent-up demand,” he said. “As inventories are drawn down, prices in many markets should go positive later this year.” The national median existing-home price for all housing types was $195,900 in February 2008, down 8.2 percent from February 2007, when the median was $213,500. Recent data shows about half of the metro areas in the country with price increases, with healthy gains in markets. “In other areas such as Sacramento, a rapid price decline has induced buyers to come into the market and sales are now rising,” said Yun. “The relationship between home prices, interest rates and income has improved to the point where buyers are more serious about making offers.” Information from MLSListings Inc., the Multiple Listing Service of the Silicon Valley Association of REALTORS®, shows sales were up in the Silicon Valley region in February 2008, compared to the prior month. There were 424 single family homes sold in Santa Clara County in February 2008, up from 337 the prior month, but still below 695 home sales in February 2007. Home sales in Los Altos and Santa Clara increased in February 2008 compared with the same period the prior year. Los Gatos, Monte Sereno, Saratoga and Santa Clara showed the same number of home sales as last year. Palo Alto home sales remain strong, with sales up from January 2008; days on market are at 15, the same as last month and the prior year. According to the NAR report, existing-home sales in the Northeast jumped 11.3 percent in February, but are 26.4 percent below February 2007. The median price in the Northeast was $264,800, up 0.4 percent from a year ago. Existing-home sales in the Midwest rose 2.5 percent in February but are 19.5 percent below a year ago. The median price in the Midwest was $143,900, which is 7.1 percent lower than February 2007. In the South, existing-home sales increased 2.1 percent in February but are 22.0 percent below February 2007. The median price in the South was $163,400, down 8.6 percent from a year ago. Existing-home sales in the West slipped 1.1 percent in February, and are 29.2 percent below a year ago. The median price in the West was $290,400, down 13.4 percent from February 2007. The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley. The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics. Variations of this article have appeared in local area newspapers. For further information, please contact Rose Meily at SILVAR Public Affairs, e-mail , or phone (408) 200-0109. |
