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.

Image: Flickr

Post from: EveryJoe

Home Sales up in Midwest

House Sold (Image: Flickr)

Although sales are still down by double-digit percentage points from this time last year, this month-to-month jump was the largest on record in over five years. The median price of a home was slightly more than $165,000.

Many reasons are hypothesized for why the sales of existing homes rose, however one factor that can’t be denied is the falling price of real estate. Compared to this time in 2008, the average price of a home is down more than 15%. In some areas of the country, prices are down more than 30%.

For those looking to buy a new home, unprecedented deals are now available. That said, considering the job losses expected throughout the rest of 2009, the number of people who can afford to buy a home is expected to decrease in coming months.

Post from: EveryJoe

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