Home sales snowed in?

Existing home sales reports for the southern region (Last I checked, Raleigh is in the south, right?) dropped 2.4% from January to February 2010 but rose 3.8% over Feb, 2009.

Lawrence Yun, NAR chief economist, said widespread winter storms in February may mask underlying demand. “Some closings were simply postponed by winter storms, but buyers couldn’t get out to look at homes in some areas and that should negatively impact near-term contract activity,” he said.

The national average sales price dropped 1.8% from Feb, 2010 while distressed sales accounted for an estimated 35% of total home sales.

If you can swing it, now is a great time to buy. The market is still sluggish but it is picking up steam in Raleigh as several national home builders have begun buying existing building lots in the area. You can qualify for up to $8,000 as a first time buyer using the home buyer tax credit. As a move up buyer, you can qualify for up to $6,500 in tax credit. You’d better start working on it though because time runs out April 30!

Molony, Walter. 3/23/2010. February Existing-Home Sales Ease with Mixed Conditions Around the Country. http://www.realtor.org/press_room/news_releases/2010/03/ehs_ease. Accessed 3/23/2010. Continue Reading Comments(0) Home Sales Data