Posts Tagged ‘Home sales increase for 2009’

Homes Sales to Increase in 2009

 
We all know the first half of 2009 will be challenging, to say the least.  But how are we going to look by the end of 2009?  Well, the National Association of REALTORS announced their projected sales numbers for 2009 and for the first time in years the projections aren’t all bad, in fact by the end of 2009 most housing numbers are expected to increase.

The good news, after 2 years of falling home sales, the NAR estimates a 6% increase in existing home sales in 2009.  They also project a slight increase in the median home price from $198,600 in 2008 to $200,800 in 2009.   It may be a small increase (1.1%) but it’s a major improvement from the previous years -9.3% drop.

The NAR also has a number they refer to as the affordability index, which relates the median price of a home to the median income of buyers.  Right now it’s at 131, which means that a buyer making the median income has 131% of the income necessary to buy a home priced at the median price.

That’s a mouthful, but what it means is that homes are more affordable now than in a long time, and home sales are expected to be up 6 or more percent in 2009!

If you would like more information about investing in Arizona real estate or Phoenix foreclosures and REOs contact Jim and Kathy at jimandkathy@allynassociates.com.

Source:  January 2009 issue of REALTOR magazine

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Edited: February 4th, 2009