A recent report on Existing Home Sales from the National Association of Realtors is showing that sales "edged down in March," but that these numbers were within a range that has been persisting since last September.
Sales rose in the Northeast and West -- but fell in the Midwest (6.5 percent) and the South. Grayslake, Illinois, an area with new construction, is seeing a strong buyers market at this time.
Expert John Walin reports to Real Estate-Realtor Times that "Grayslake home sales are starting to turn around this spring -- after the mortgage crisis and a particularly hard winter."
He also goes on to comment on how entry level price ranges are selling well. The median price in the Midwest was $152,600, down 5.3 percent from March 2007.
Market Conditions continue to vary -- even by region. With healthy gains seen in one Midwestern city -- Des Moines, Iowa.
Our real estate expert, and Realtor, Craig Randall, is reporting that Des Moines inventory is staying fairly consistent this year -- along with pending sales. The average price, he says, dropped to $159,000 in February.
He reports that new construction saw a drop as well in the average sales.
And finally today, we go to Springboro, Ohio, a town just south of Dayton. The downward trend in home sale activity that has been seen on a national basis occurred in the Dayton area throughout 2007 and continues into 2008, local expert Nora says.
She says there around a 13 month supply of homes on the market -- not such good news for sellers.