A newly released report from the National Association of Realtors (NAR) says home sales and prices posted gains in the second quarter, another sign that the ailing housing market is finally coming to life which is good news for both the housing industry as well as the economy overall.
The National Association of Realtors says the median sale price in the quarter was $174,100, up 4% from the first quarter, but still almost 16% below a year ago. Prices were down from a year ago in 129 of 155 metropolitan areas the group tracks.
Sales rose to a seasonally adjusted annual rate of 4.76 million, from 4.58 million in the first quarter, but were still about 3% below a year ago.
Good news for home sellers? Well, I think so. As we head towards Fall, home sales activity is important as a foundation for the fourth quarter of 2009 but more importantly the Spring 2010 Selling Season. With the low interest rates, lower home prices, now is the time to jump off the fence. Prices should continue to rise in the next year and the inventory will continue to decline which means now is the time to buy.
