 RISMEDIA,
December
28,
2009—(MCT)—November
2009
was
a
positive
month
for
the
real
estate
industry
as
home
sales
surged
in a
majority
of
markets
across
the
country.
Spurred
by
low
prices
and
the
extended
and
expanded
home
buyer
tax
credit,
home
sales
were
up
in
Las
Vegas,
Nevada;
Ohio,
the
Midwest;
and
upstate
New
York,
according
to
reports
late
last
week.
While
other
reports
point
to
sales
being
down
in
California,
home
prices
nationally
were
up—causing
for
a
wave
of
optimism
to
be
felt
throughout
the
industry.
Here’s
a
look
at
some
of
the
markets
across
the
country
that
received
positive
news
in
the
housing
sector
for
the
month
of
November
2009:
Albany,
New
York
By
Chris
Churchill
The
federal
tax
credit
for
first-time
buyers
sparked
a
rush
to
buy
homes
in
November
2009,
boosting
property
sales
across
the
Capital
Region.
The
numbers
led
some
observers
to
proclaim
that
the
region’s
housing
market
is
now
headed
for
full
recovery.
But
the
November
surge
was
apparently
fueled
by
the
tax
credit’s
anticipated
expiration
date,
leading
to
worries
that
the
boost
won’t
last.
The
one-month
numbers
from
the
Greater
Capital
Association
of
Realtors
are
certainly
impressive:
In
the
Capital
Region’s
four
core
counties,
the
number
of
closed
single-family
home
sales
jumped
46%
from
the
same
month
a
year
ago.
They
were
even
up
significantly
compared
to
sales
from
2007.
“It’s
been
a
tough
year,
but
I’ve
seen
a
resurgence,”
said
Miguel
Berger,
president
of
TechValley
Homes
Real
Estate.
“I
think
we
hit
bottom
in
the
summer,
and
now
it’s
on
the
way
up.”
Yet
home
prices
are
down
in
much
of
the
region,
despite
the
uptick
in
activity.
And
not
everyone
is
sure
the
sales
surge
will
continue.
James
Ader,
chief
executive
of
the
Realtors’
association,
warned
that
December
home
sales
might
slump,
because
so
many
buyers
rushed
to
complete
sales
in
November.
But
there
are
reasons
to
believe
the
real
estate
economy
may
avoid
a
crash.
First,
Congress
has
extended
the
$8,000
tax
credit
until
June,
2010,
and
even
expanded
it
with
a
new
tax
credit
of
up
to
$6,500
for
buyers
who
already
own
homes.
Also,
the
overall
economy
seems
to
be
improving,
which
could
make
potential
buyers
more
confident
about
a
purchase.
Home
prices
are
relatively
aff
Las
Vegas,
Nevada
By
Hubble
Smith
Spurred
by
low
prices
and
the
extension
of
the
federal
tax
credit,
existing
home
sales
in
Las
Vegas
increased
50.8%
to
3,952
in
November
2009,
Las
Vegas-based
SalesTraq
recently
reported.
The
surge
ended
a
seven-month
streak
of
sales
topping
4,000,
but
still
shows
strong
demand
for
home
purchases
heading
into
the
traditionally
slow
holiday
period.
The
median
resale
price
of
$125,000
is
down
27.5%
from
the
same
month
a
year
ago.
However,
it’s
a
$2,000
bump
from
the
previous
month.
The
new-home
segment
continues
to
struggle,
though
November’s
598
escrow
closings
were
the
highest
monthly
total
for
the
year,
a
decrease
of
just
1.3%
from
a
year
ago.
Median
price
tumbled
19.4%
to
$198,466,
the
first
time
it’s
been
below
$200,000
since
2002.
Locally,
the
avalanche
of
foreclosures
predicted
for
Las
Vegas
has
failed
to
materialize.
November’s
1,477
foreclosures
represent
a
27%
decrease
from
a
year
ago,
the
fifth
month
of
the
year
with
declining
year-over-year
numbers.
“In
our
view,
Las
Vegas
may
be
entering
a
new
real
estate
era,”
consultant
Steve
Bottfeld
of
Marketing
Solutions
said.
“Whether
you
call
it
the
end
of
the
beginning
or
the
beginning
of
the
end,
there
is
no
question
that
the
residential
market
is
in a
transition
from
what
it
was
to
what
it
will
become.”
Housing
analyst
Dennis
Smith
of
Home
Builders
Research
counted
604
new
home
sales
and
3,696
existing
home
sales
in
November,
a
6.1%
decrease
and
46.8%
increase,
respectively,
from
the
same
month
a
year
ago.
“Bottom
line
is
this
indicates
a
very
flat
recovery,”
Smith
said.
Ohio
By
Jim
Weiker
During
November
2009,
1,839
homes
were
sold
in
the
Columbus,
Ohio
area,
nearly
60%
more
than
in
the
same
month
last
year
and
the
highest
November
sales
in
four
years,
the
Columbus
Board
of
Realtors
reported.
Jill
Rudler,
who
runs
the
Rudler
Professional
Group,
part
of
Real
Living
HER
and
other
real
estate
experts
attribute
the
boom
to
the
federal
tax
break
for
first-time
buyers
who
were
racing
to
complete
deals
before
the
original
Nov.
30,
2009
expiration
date.
The
National
Association
of
Realtors
estimated
that
about
2
million
homebuyers
have
taken
advantage
of
the
credit
and
predicts
that
an
additional
2.4
million
will
use
it
by
the
middle
of
next
year.
First-time
buyers
made
up
about
half
of
all
transactions
last
month.
The
abundance
of
new
homebuyers
also
accounts
for
November’s
average
sales
price
of
$145,589
in
central
Ohio,
up
slightly
from
a
year
ago,
but
well
below
the
$179,000
peak
of
2006,
during
the
height
of
the
housing
boom.
Statewide,
sales
rose
31%
compared
with
those
of
last
November,
with
Columbus
leading
the
way.
Among
large
markets,
Cincinnati
and
Dayton
also
posted
better-than-average
gains.
Midwest
By
Courtney
Hudson
Home
sales
in
the
Midwest
jumped
58%
in
November
2009,
the
strongest
showing
of
any
region,
as
first-time
buyers
rushed
to
claim
a
temporary
federal
tax
credit.
“I
think
it’s
going
to
be a
very
good
year
this
next
year,”
said
Sedalia,
Missouri
real
estate
agent
Mark
Pohl.
While
the
Sedalia
area
has
been
in a
downhill
market
for
about
three
years,
Pohl
believes
that
the
area
hit
rock
bottom
in
March
2009.
Since
March,
there
has
been
a
slow
increase
in
the
number
of
homes
sold
in
the
area.
“I
think
it’s
progressively
gotten
better,”
Pohl
said.
The
National
Association
of
Realtors
recently
reported
that
there
were
106,000
completed
sales
in
the
11-state
Midwest
region
and
the
median
home
price
was
flat
at
$140,800.
The
tax
credit
deadline
drove
sales
across
most
of
the
Midwest.
“It
got
everybody
moving,”
said
Don
Godwin,
owner
of
the
Re/Max
Real
Estate
Group
in
Des
Moines.
“First-time
home
buyers
have
probably
been
most
of
my
business,”
Pohl
said.
California
By
Kevin
Smith
Home
prices
rose
in
Los
Angeles
County
and
California
last
month
but
sales
were
off
from
October
2009,
the
California
Association
of
Realtors
(CAR)
recently
reported.
The
county’s
median
home
price
hit
$359,670
in
November
2009,
a
3.9%
gain
from
the
previous
month
and
up
0.1%
from
a
year
earlier.
Home
sales
in
the
county
showed
a
10.8%
decline
compared
with
October
but
were
up
7.2%
from
November
2008,
according
to
CAR
figures.
“The
decline
in
activity
is
normal,”
said
David
Baldridge,
a
Realtor
with
First
Team
Real
Estate,
Inc.
in
Whitier.
“You
don’t
see
nearly
as
many
buyers
in
November
as
you
would
in
August
or
September,
but
prices
are
still
going
up.”
“The
extension
and
expansion
of
the
tax
credit
until
April
30,
2010,
along
with
low
interest
rates,
should
continue
to
positively
impact
the
market
in
coming
months,”
said
CAR
President
Steve
Goddard.
Several
area
cities
posted
big
year-over-year
price
gains.
La
Mirada’s
median
price
rose
14.3%
in
November
to
$400,000
compared
with
$350,000
a
year
earlier.
Other
notable
gains
included
Diamond
Bar
(13.9%),
Alhambra
(12.6%),
La
Crescenta
(12.3%)
and
Monterey
Park
(10.9%).
On
the
other
hand,
many
communities
saw
their
median
home
prices
fall,
including
San
Gabriel
(-13.4%),
Baldwin
Park
(-9.7%),
El
Monte
(-6.1%)
and
La
Verne
(-8.9%).
ordable,
when
compared
to
recent
years.
And
mortgage
interest
rates
remain
very
low.
- Distributed by McClatchy-Tribune Information Services
- Article posted by RISMEDIA, December 28, 2009
Anthony
Stokes
Pereira
welcomes
your
questions
and
comments.
Send
your
e-mail
to:
anthony.stokespereira@randrealty.com
or
use
the
Contact Me
page.
Anthony
Stokes
Pereira
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For assistance with any of your real estate needs, please contact me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question - no pressure, no hassle, no obligation - just a friendly conversation. I would welcome the opportunity to make a difference for you. |
