Ann Arbor, Michigan Real Estate: National Housing Market Improving according to the National Association of Realtors

The Real Estate Market statistics for March 2009 are in! The news is great.

For Real Estate in Ann Arbor in Michigan through to Los Angeles California pending home sales are up!

The National Association of Realtors Pending Home Sales Index increased 3.2% to 84.6 from a level of 82.0 in February, and is 1.1% higher than March 2008 when it was 83.7. This is the second consecutive month with an increase.

This increase is partially due to affordability being at near record levels coupled with historically low mortgage rates as well as financing starting to become more and more available. Also, lets not forget the $8000 tax credit for first time homebuyers.

In fact, affordability is so high that the National Association of Realtors Housing Affordability Index was at 166.7 in March - down from an upwardly revised record of 174.4 in February due to higher home prices in March 2009. This shows that housing is in line for a steady recovery. For buyers this means that the opportunity of purchasing a great home at a great price is going to fade as the market recovers and more price rises are seen.

Watch this space for more. The next issue of the pending home sales index will come out June 2nd. Be assured we will report on it!

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Kathy Toth and Team

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Keller Williams Realty