Townizen

All of the U.S. region experienced a depreciation of existing home sales at the end of January. According to National Association of Realtors (NAR) the hardest hit region in that month was the Northeast by 10.9 percent over the month of December, but were up compared with the year earlier by 22.4 percent. The Midwest division plummeted by 6.9 percent and gain an increase 8.0 percent over the last year. The Western region was modestly affected dropping by just 5.2 percent prior to the month of January and above by 7.6 percent from January 2009.

The NAR chief economist, said there is still some delay between shopping and closing that affected current sales. "Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,"he said. "Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery."

The January home sales fell down were consisting of single family homes, condominiums, townhouses and co-ops. Singe-family home sales were ahead by 8.6 percent above the 4.08 million pace in January, but down by 6.9 percent from annual rate of 4.43 million in January to just 4.76 million in December. For the condominiums and co-ops sales were up high by 38.1 percent compared to a seasonally adjusted rate a year ago at 449,000, but downshifted by 8.1 percent from an annual pace of 675,000 in December to 620,000 in last month.

Source: National Asso. of Realtors

About Me: Ivan Poral is a real estate marketing specialist with Corner Stone Real Estate Professionals. You can find and visit his other real estate sites:Real Estate for Sale in Utah | Homes in Utah  | Utah Home Search