July 14th, 2008 Categories: Real Estate News
Anyone remember Little Good News, the Anne Murray hit from 1983? In it she bemoaned the the fact that it was always bad news that made headlines, never good news. And what she wanted, just once, was a little good news.
Well, despite the gloom and doom of Wall Street, banks failing and oil prices rising, the good news is this – the National Association of Realtors (NAR) is reporting FOUR STRAIGHT MONTHS OF RISING HOUSING PRICES.
According to NAR statistics, the median home price fell from a high of $230,200 in July 2006 to a low of $195,600 in February, a drop of 15%. But it has risen every month since then.
The May index, which will be revised on July 24 will show a median price of $208,600, up $13,000 or 6.6%.
The mean home price – or the average home price – rose from a low in February of $242,000 to $253,100, or 4.5% in the same four month time period with increases every month.
David Michonski, CEO of Coldwell Banker Hunt Kennedy in New York City made the follow observations about the market:
“I just don’t know where Wall Street’s brains are today.
Everyone on the Street is wringing their hands over housing when in fact the average American has been out this spring buying homes and pushing the median price higher. . . .
It is possible that it will not be Hank Paulson or Ben Bernanke who will pull this country out of a housing recession, but the good common sense of the average American whose affordability to buy a house is at a five year high and is acting on it.”
Would you like a Little Good News in your life? Call me today at 703.927.4554 and let’s talk houses.