NAR says homebuyers responding to lower metro area prices
The report goes on to point out that only 35 of 150 metropolitan statistical areas saw a gain in the median price of existing single family homes. The 115 remaining metro areas had price declines. NAR’s Chief Economist Yun thinks “..the momentum of buying is likely to continue in light of the housing stimulus package that was recently enacted. About 2.5mln first time buyers are expected to take advantage of the $7,500 tax credit between now and the middle of next year”. Hope springs eternal.