Existing-Home Sales Up – Home Prices Fall
The National Association of Realtors reported that existing home sales rose 5.1% in February. This was the largest percentage gain since July 2003. Sales of foreclosed properties or short sales accounted for about 45% of transactions last month.
The median sales price dropped 15.5% in the past year to $165,400 — the second-largest year-over-year price decline on record, coming on the heels of January's 17.5% drop. Inventories of unsold homes on the market rose by 5.2% to 3.80 million, equating to a 9.7-month supply at the February sales pace.
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I’m wondering what a $165,000 house looks like??
Yeah no pictures for DC area in MD exist, cause no house exists for that price.
Double it and you can buy an 800 square foot home in a shady side part of town. But remember the home will need a new roof, need to be gutted and you need to fix the mold damage issue in the basement as well!
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Prices may have gone down in some cities, but many of the most desirable places are still at their previous pricing levels. So, the upside is that prices look good you can get a decent house in some areas for cheap. But, the downside is you have to live in those cities.
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