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Latest National Housing Numbers Revealed
Although the median price for a home in the Marin real estate market seems to be headed up, a good part of the country is still experiencing falling prices. The decline can mostly be attributed to short sales and foreclosures. However, there are signs that the rate at which those prices are declining are beginning to slow.
In the second quarter, it appears that first time homebuyers are making up about 1/3 of the buyers. Compared to the previous year, the national median price for a home dropped more than fifteen percent. The number of foreclosures and short sales accounted for over thirty-five percent of all sales. The high number can manipulate average prices, since most short sales and foreclosures can come up to a twenty percent discount.
The numbers for homes and condos dropped almost three percent from 2008's numbers, however, they are up almost four percent compared to the month before.
California is seeing one of the biggest jumps in the country, posting double digit gains. As most of you know, our state has been one of the hardest hit by the housing crisis, so this is great news. For the Western region, as a whole, we saw home sales jump twelve percent, while the median price dropped more than twenty-five percent.
Low interest rates, lower home prices and a tax credit are all helping to stabilize the housing market. If you have time, make sure to read my latest
Marin real estate assessment.
Marin Real Estate Blog
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