A growing number of metropolitan areas are experiencing price gains from a year ago. With most states seeing healthy gains in home sales from the first quarter of 2009, according to the latest survey by the National Association of Realtors.
Sales increased from a year ago in 44 states and the District od Columbia, 31 states and the District of Columbia saw double digit gains, while 2 were unchanged and 4 were down. Much of the gains were due to the tax credits available.
Buyer confidence is back, with home buyers having long term views. The typical home buyer today plans to stay in their home for 10 years. Buyers are putting the flipping mentality behind them and viewing housing for what it is- shelter that provides social benefits and a good investment for the long term.
How is the Midwest? The median existing single family home price dropped .8% in the 1st quarter from a year ago, with home sales up 10.7% from a year ago.
Lending continues to be a problem even with some easing of credit. The housing recovery still has a ways to go.