Chicagoland NW Suburban IL Real Estate & News: EXISTING HOME SALES DATA FROM NAR – THE BIG ONE!

Ok, HERE IS THE BIG ONE FOR HOME SALES. With the tax credit deadline looming this data is some of the most important NAR have released in recent times.

As expected, buyers were out there for March and existing home sales surged nationwide.

Existing-home sales, which are completed transactions that include single-family, townhomes and condos, rose 6.8% to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1% above the 4.61 million-unit level in March 2009.

Of course the news is not just in the month on month data, but the fact that sales are much higher than last years levels for nine straight months, and inventory has trended down from year ago levels for 20 months running. In fact, the tax credit has done what is was supposed to do – help stabilize the market and preserve home values (it is estimated that the credit saved $1 trillion of home values nationwide!)

Currently total housing inventory is at an 8 month supply with raw unsold inventory 21.7% below the record month of July 2008. Foreclosures h(representing 35% of transactions) have been coming to the market and being absorbed at a managable pace and are selling to investors and first time home buyers. Speaking of first time home buyers, they represented an estimated 44% of transactions in March, up from 42% in February, while the level of invesotrs remained at 19%. The number of all cash transactions was again higher at 27% showing that buyers are snapping up properties rather than looking at financing.

Re: PRICING – The national median home price was up 0.4%.

Single Family home sales themselves rose 7.3% and are 13.3% higher than a year ago with the median price up 0.6% – BUT WAIT! Thats not all, median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double digit increases!

The National Association of Mortgage Bankers also said that applications were up 10% with buyers trying to get in to ensure they can claim the credit. After all mortgage rates have dipped, on average, below the 5% range again. This news along with the information that housing starts are also up – signalling the trend that construction is recovering makes for happier news for the real estate market. In fact, the number of new permit is up 7.5% this last month and was 34% higher than March 2009 – the highest year on year gain since 1992!

The recovery is well underway and the last chance to snap up a great home which is excellently priced and with a low rate mortgage loan with or without the credit is still here!

Here in the midwest, sales rose 7.2% and were 15.9% up over March 2009.

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194