Buyers unaffraid of Housing Market

Despite the uncertainty in the housing market, buyers piled in to existing homes in August throughout the country according to the National Association of Realtors which tracks Metro Area Existing-Family Home Sales and Prices.

Among the most notable figures is Minneapolis/St. Paul area which saw home sales increase by over 44% year-over-year while home values fell 10.2% over the same period.

San Antonio, Texas, saw appreciation of 3.6% and an increase of 8.2% in sales compared to August 2010.

Locally, San Diego was the worst performing metro area which saw sales jump 5.8% versus a year ago while home prices declied 4% over the same period while Phoenix saw the biggest decline in home price of over 11% compared to a year ago.

I fully expect prices to remain at these levels for the next 12 to 18 months with home sales rising over the same period with most likely an exception over the Holidays which are typically slow periods in real estate since most buyers and sellers alike take a break from the market to spend time with their families.

The overall increase in home sales is a positive sign as not one of the Metro Areas surveyed by the National Association of Realtors saw a decline. This could signify a return to confidence from the part of buyers who had been reluctant to jump in the market of recent months.

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