Our latest update on the real estate market in the Coachella Valley, which includes Palm Desert, Rancho Mirage, Indian Wells and other desert cities, reveals that existing home sales are increasing while the inventory of homes for sale is decreasing. Southern California led the way as the housing market turned down, and is now leading the way in the recovery.
Lawrence Yun, National Association of Realtors chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri, and Rhode Island,” he says.
Here's a breakdown across the country of existing-home sales in September:
- West: existing-home sales in the West jumped 16.8 percent to an annual rate of 1.25 million in September, and are 34.4 percent higher than September 2007. Median price: $253,600, down 18.5 percent from a year ago.
- Midwest: sales increased 4.4 percent to an annual pace of 1.19 million in September, but are 2.5 percent below a year ago. Median price: $152,500, which is 7.9 percent lower than September 2007.
- South: sales rose 2.2 percent in September to a pace of 1.9 million but remain 7.8 percent below September 2007. Median price:$167,200, down 4.1 percent from a year ago.
- Northeast: sales slipped 1.2 percent to an annual pace of 840,000 in September, and are 7.7 percent lower than a year ago. Median price: $246,800, down 5.4 percent from September 2007.
Although September 2008 existing home sales in the West were 34.4% higher than September 2007, in Southern California home sales soared nearly 65 percent in September from a year earlier as buyers seized on the region's glut of foreclosures and depressed real estate prices, according to a report released Monday by MDA DataQuick.
For more information from these news articles, please visit these links:
http://www.realtor.org/RMODaily.nsf/pages/News2008102401?OpenDocument
http://www.cnbc.com/id/27333197
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