The National Association of Realtors (NAR) has released its updated resale home sales figures for January 2008 and there is at least a bit of good news.
In one section of the country sales actually picked up in January (Midwest) and had very small decreases in to other areas (South and overall for the USA).
In the West (our section) there was a further decline of 2.1% with a total for 2007 of a 28.5% decrease.
Sale prices increased in the Northeast and declined in the rest of the country. . In the west there has been an average 6.7% decline over the past year. We have some local neighborhoods which have experienced a greater decline. Overall, the Phoenix area decline is probably more than the average for the western section of the country.
The real bright spot is the NAR analyist said that he sees a turnaround nationally possibly as soon as this Summer.
So hang on, there may be a viable light at the end of this tunnel in the not too distant future.
For a scuccessful selling strategy in this type of market, see the post here from October 25, 2007 (in the archives).
Monday, February 25, 2008
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