Real Estate News: Market Update

Congressional Budget Office Reports estimates continued home prices to decline an average 14 percent between the third quarter 2008 and second quarter 2010. It acknowledged lowered mortgage rates led to a boom in refinance applications, but that the number of purchase applications remains low. "The correction in the housing market will probably continue for most of this year," the report read, in part.

The number of single family homes currently on the market is 3,884 and that is approximately 5.5% less then what we had 30 days ago. There are currently 387 homes that are under contract. 295 sold in December. The average sales price in December was $164,270 and the median sales price was $149,950.

www.PensacolaAreaProperties.com

Jack Lara, Broker-Associate at Keller Williams Realty of Pensacola

(850) 471-5000