Sales Numbers Looking Better! – Myrtle Beach

10% Jump in September Existing Home Sales

Buyers Market

The Completed transactions are from the following property categories:
  • Single – Family
  • Townhouses
  • Condos
  • Co-ops

According to Freddie Mae, conventional fixed rates are at record lows this month 4.35%

Last September these rates were at a 4.43% fixed rate. For more rate info Click Here
The national median home price for all housing types was around $171,700 in September, which is 2.4% below a year ago. Distressed properties were 35% of sales in Sept compared with 34% in Aug, they were 29% in Sept 2009.
Food for thought. Do you know that from recently purchased homes the median monthly mortgage payment is several hundred dollars less than it was four-five years ago? In fact, the median monthly mortgage payment in most areas is cheaper than rent!
This market is a great buyers market. Especially for those who are looking for long-term holdings. With fixed rates at where they are today,long term position’s will benefit from savings year in,year out. This is a prime example of the power of home ownership, build wealth over time AND own the American Dream.
Existing-home sales by region: 

Northeast – increased 10.1% to an annual pace of 760k in Sept but are 20.8% below Sept 2009.  The median price in Northeast was around $239,200, which is 1.4% below where it was a year ago.

Midwest –  jumped 14.5% in Sept to a level of 950k but are 26.4% below a year ago.  The median price in the Midwest was $137,900, down 5.2% from Sept 2009
South –  sales rose 10.6% to a pace of 1.77 million in Sept but are 14.9% lower than Sept 2009.  The median price in the South was $149,500 down 2.6% from a year ago
West – increased 5% to a level of 1.05 million in Sept but are 16.7% below a yr ago. The median price for that region was $213,600 which is 4.9% lower than Sept 2009.

In Summary

  • Record low fixed rates
  • Ownership is cheaper than renting
  • Buyers market
  • Numbers are positive in all regions nationally

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