According to the Warren Group, which compiles statistics on the housing market, Massachusetts home sales rose for the second straight month. August sales rose 2% year over year, following an 11% YOY increase in July.
Still, there’s quite a ways to go - the median sale price for homes in te Bay State remains 10% below last year’s median price, according to the press release.
Local real estate sales in the fourth quarter were expectedly soft according to figures from the Multiple Listing Service (MLS) of the Chattanooga Association of Realtors.
Statistics show:
- “With 1,302 units sold, fourth quarter statistics were down 16.5 percent from 2007’s fourth quarter and 25.5 percent from the third quarter in 2008. It represented the year’s lowest quarter in terms of sales. ”
Even though October through December months represent some of the slowest months in real estate and are outpaced during the peak spring and summer months, the current economic troubles has only added a high degree of stress in the residential real estate market.
According to the November numbers there was an average of 3,100 foreclosures per day in the U.S. As the U.S. housing recession enters its fourth year, there’s no sign of a recovery because speculators account for most of the rise in sales.
Results for the 10 Worst Real Estate Markets in 2009 showing California owning 8 of 10 spots.
1. Los Angeles
2. Stockton, Calif.
3. Riverside, Calif.
4. Miami-Miami Beach
5. Sacramento
6. Santa Ana-Anaheim
7. Fresno
8. San Diego
9. Bakersfield, Calif.
10. Washington, D.C.
To see more numbers of the top 10 Worst Real Estate Markets read the full article here.
Now after the election the focus is now back on the weak economy and Obama’s next steps as President-elect. Since the $700 billion bank rescue plan was approved under Treasury Secretary Henry Paulson, Obama’s first priority is picking a new Treasure Secretary. Read more about the Election, Jobs, Economy, and Lending Rate on CNNMoney.com.
With home sales around the nation rising 5.5% in September (despite a more than 20% drop in prices), it would seem we might be approaching a bottom. However, the web site visitor statistics that we measure on a number of real estate web sites are actually heading down in October, suggesting fewer searches for homes and thus fewer interest. Interest in real estate does seem to be pacing the financial crisis, suggesting continued slowness but also growth early next year (albeit with homes sales at lower prices points).
The Boston Globe reports, “Despite a failure so far to pass a bailout of the financial sector, the US government is moving ahead with numerous steps to fix the housing market, including aid for communities combating blight caused by a flood of foreclosures.”
As stated, “Economic activity in New England “softened in the third quarter and in some cases deteriorated sharply in September,” Federal Reserve Bank of Boston economists wrote in the latest installment of the “beige book,” a national summary of economic conditions based largely on interviews with business owners and produced eight times a year.”
For a full update in New England click here to read the full story:
Fed bleak on some aspects of New England economy
“Despite a gruesome economic downturn sparked by the collapse of the national real estate market, and Massachusetts home-sale prices sinking to a six-year low in August, JP home-sale prices are at an all time high, according to the Warren Group.”
Homes for sale in Massachusetts Listing with discount broker Homebin.
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