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Friday, March 28, 2008

New Home Sales Froze Over In February

It is getting tougher and tougher to say that the worst has come in the housing market as every time we do...another part of the floor gives out. But there are signs of a very light thaw starting.

In February, new home sales were down 29.8% year over year. While this is better then expected, home sales still hit a 13-year low as no one wants to buy while things continue to slide. Home inventory is now at a 9.8 month supply and while the median price tick up a little month over month it is still down 2.7% vs last year.

Here in our little mecca in the woods the home values have been hit hard..of course that is directly proportional to the crazy rise in values here for the last 6-years as well. Frankly in you bought 5+ years ago here, you are in good shape even with the slide. But if you just moved back a year ago like I did you are down.

On the upside, open lots in our neighborhood (its about 2-years old) are now all sold out and a bunch of houses are being built. It feel a bit like Field of Dreams as I think the are trying to build their way out of this mess. That being said the other house we looked at in our neighborhood when we bought this one is still on the market 15 months later.

Things are tough all over brother!

How's your area doing?


Sharon said...

I would have to say in our area, (on my street to be exact) prices went from $720,000 to $680,000. A house down the street sold for $720,000 2 years ago, and the house across the street sold for $680,000 this past February in 2 weeks. I don't think our area is feeling too much of a pinch, only for those who purchased in the last couple of years. Of course, we purchased our home 10 years ago for $315000, so we are doing okay.

Mrs. Micah said...

I'm not really sure. There don't seem to be many houses for sale in the neighborhoods around us.

RacerX said...

@Sharon - Thats good to hear. Sounds like your team is in ggod shape.

@Mrs M - That's Interesting! I wonder if there were before and people pulled out or if you just have one of those great stable neighborhoods!

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