Prices for single-family homes climbed in half of U.S. cities in
the first quarter as real estate markets stabilized.
The median sales price increased from a year earlier in 74
of 146 metropolitan areas measured, the National Association of Realtors said
in a report today. In the fourth quarter, only 29 areas had gains.
Locally we are still in the half that is taking a hit but we are
seeing a lot of movement. Newport News
is staying strong in the down market while only losing -4.61% while most of the
other areas on the peninsula are losing an avg near 10%. The good news is homes are selling in James
City County and are looking strong with 25% more movement in sales over the
same quarter from the previous year according to REIN, the local MLS.
The U.S. housing market is showing signs of bottoming as improving
employment and record-low mortgage rates boost demand while inventories of
available properties tighten. At the end of March 2012, 2.37 million previously
owned homes were available for sale, 22% fewer than a year earlier, according
to Bloomberg.com.
The national median existing single-family home price was $158,100
in the first quarter, down 0.4% from the first three months of 2011, according
to Bloomberg.com.
The best-performing metro area was Cape Coral, Florida, where
prices increased 28.1% from a year earlier. The worst performer nationally is Kingston,
New York, which had the biggest decline, with the median selling price tumbling
22% in the quarter.
The median selling price is influenced by the mix of homes on
the market and probably was boosted by a smaller share of transactions
involving distressed properties. Those homes, which sell at discounts,
accounted for 32% of first-quarter sales, down from 38% a year earlier.
Sales of previously owned homes rose 5.3% in the first quarter
from a year earlier, according to Bloomberg.com. Purchases climbed 11.7% in the
Midwest, 6.6% in the Northeast, 4.1% in the South, and 1.4% in the West.
The bad news is we still are seeing a national decline in
price. The good news is that we are
seeing a spike in volume of movement. Newport News homes for sale seem to be running
strong. York County, Hampton, and Williamsburg
homes for sale also seem to be doing well.
If you have ANY questions call Frank McLawhorn (757) 291-7746
Frank McLawhorn is a realtor with Keller Williams Realty in Newport News, VA
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