Categorized | Residential

U.S. Home Sales Increase While Prices Decrease

Please Share!

According to the most recent housing sales report across the major metropolitan areas, the number of overall residential real estate sales increased nearly ten percent from last year. During the same time period, however, prices have continued to drop.

The increase in sales has contributed significantly to a reduction in the number of available homes on the market. In fact, there are now twenty percent less homes for sale than there was in September of 2010. Real estate analysts believe that if the trend of home sales continues to rise, then prices will eventually start to increase.

Prices have dropped slightly over three percent in the last year. The average sales price across all the cities surveyed is slightly over one hundred and eighty thousand dollars.

Des Moines, Iowa, and Minneapolis, Minnesota both saw increases in sales of over thirty percent. Detroit, Michigan, and Miami, Florida both experienced the biggest price increases in the past year.

Because the number of foreclosures is down from where it was last year, many real estate analysts believe that prices will soon start to rise. The overall glut of foreclosures had contributed significantly to the overall decline in housing prices over the past few years.

The increase in home sales is a very strong sign for the residential real estate market across the country. As the number of sales continues to increase, and the number of foreclosures on the market continues to decrease, there should be an overall rise in housing prices and values. An increase in housing prices will be greatly welcomed by homeowners, particularly those facing underwater mortgages.

Please Share!

About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

Leave a Reply

Twitter Chat