National Real Estate Market – February 2008

Posted by Jonathan Karlen on Friday, September 2nd, 2011 at 3:21pm.

real estateJust wanted to touch on some of the more recent national real estate news. According to the National Association of REALTORS (NAR), homes sales nationally increased by a rate of 2.9% for February 2008 from January of this year. This increase in homes sales marks a break in the past 6 months of continual decline nationally. Later this week, I’ll do a post about the more recent local Louisville real estate market.

Does this mean that the national real estate market has finally reached bottom and is on an upswing? Not likely. Many economists continue to predict months to a couple years before a turn around is expected on a large level.

Why do they say that? Well, first off, if you look at the increase of real estate sales of 2.9% from the previous month that looks pretty darn good. However, it doesn’t look quite as rosy when you realize that compared to the previous year of February 2007, homes sales were down 23.8% from what they had been previously.

And, if you look beyond just the volume of units of homes sales – and look more closely at the median price that was utilized to achieve that increase in gross volume, the median value for single family homes & condos decreased by 8.2% from the same time 1 year earlier.

[Yes, I promised to give a write up about the Louisville real estate market later this week, but I didn’t want you to end on such a sour note that the entire real estate market is terrible, etc and that if you are one of the unlucky owners that has Louisville homes for sale, that you were destined to follow the same trend as the rest of the nation – so here’s a little info to perk your day: Median Louisville homes prices increased by 1.1% for January & February 2008 compared to January & February 2007. Just for reference, the Louisville KY real estate market, the gross volume of homes sold declined by almost 14% for the first couple of months of this year relative to a year prior.

So, the national real estate market continues to be going through a hard time. Locally, for the most part, we didn’t see the big jumps in appreciation that many other parts of the country enjoyed, our job market is strong, and things continue to putter right along.

2008 should prove to be an interesting year. If things go as many persons have projected, Louisville should continue to weather the storm – and actually improve quite a bit better than the rest of the real estate markets in the rest of the country. For persons that may want to search various neighborhoods be sure to check out our Louisville subdivisions home search that allows you to view properties by neighborhood.

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