Home Sales up in Midwest

The National Association of Realtors has reported a surprising increase in home sales throughout the Midwest, a market that began to recover as early as the end of last year. This gain of 3 percent in the Midwest marks the very first increase since September of last year, signaling the potential for more widespread recovery.

Analysts have credited affordable home prices and a consumer awareness that prices may be at their lowest for a rebound in home sales. The Midwest, which includes twelve states, has seen prices fall an average of 9 percent from last year to now, with $157,000 standing as the median price for a home in the region.

The national median price for a home has fallen 15 percent to $181,800, creating an ideal market for buyers despite the toll that the economy has taken on many families’ incomes. Bargain hunters and investors have also aided the recovery of the housing market, snatching up deals across the country as home prices continue to plummet in many areas.

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