According to NAR home sales this month are higher than a year ago but lower than last month. Home sales for the Midwest fell 8% over last month but are at 18.8% over sales last year.
The Home sales are contracts for home purchases and do not reflect actual closings that will happen. Some of the contracts will not close due to many things. More deals are falling apart these days due to lending restrictions, job losses, confidence levels for home buyers and competition for housing.
Some of the reasons for the improved sales are the rents are rising and now it is in many areas less expensive to buy than rent a home. The affordability of homes is increasing as the prices continue to drop. The Investors are buying real estate as an inflation hedge for the future.
Now is the time more than ever to buy real estate. Millionaires are being made now!
Posted By: Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty
CDPE Certified for Short Sales and REO
Link to your specific neighborhood Real Estate Market Snapshot: