While November showed us an 11% drop in new home sales across the nation, the sale of existing homes lose nearly 7.4% when compared to October figures.
In the western region of the nation home sales increased 30% in November. This increase was said to be done by buyers wanting to buy before the federal tax credit for first-time home buyers expired. The tax credit was set to expire on November 30, 2009 until the federal government extended it and expanded it to include existing homeowners.
Though the western region of the country showed a 30% increase in home sales for November, figures in Phoenix were much more impressive. According to the National association of Realtors, Phoenix home sales rose 70% when compared to November of last year.
The median home price was brought down in the western region of the nation due to the sale of a large number of foreclosures, short sales and other financially distressed properties. A good portion of these sales were made in Arizona, California and Nevada. The median home price was brought down to $231,000 that is down 4% for the western region of the country.
While the western regions home prices fell nearly 4% in November, the Valley’s median sales price dropped significantly more. The median sale price of a home in the Valley fell 13% when compared to November of 2008. November 2009 showed a median sales price of $130,000, while November 2008 showed a median sales price of $150,000.
The National Association of Realtors reported on Tuesday December 22 that sales of existing homes across the nation rose 47% in November when compared to November of 2008.
Sales in the western part of the nation were helped a great deal this year by lower home prices, lower mortgage rates and the tax credit for first-time home buyers.
With the federal tax credit now available to existing homeowners as of December 1, we will soon see how much impact expanding the credit has on home sales across the nation.
