National Association of Realtors Homes Sales Stats

The National Association of Realtors has posted its latest stats on sales and sales prices of existing homes in the U.S. Home sales in the South are down from last year as are home prices. This may be caused by the fact that Georgia is one of the top states for home foreclosures. Georgia is a non judicial foreclosure state which means the foreclosure process is quick and easy compared to states where the process must go through the courts so lenders were anxious to lend in Georgia during the real estate boom times. We are now paying the price for the easy access to mortgage loans. The following is an excerpt from the NAR home sale report regarding sales in the South.

“In the South, the median existing single-family home price slipped 1.9% to $157,000 in the third quarter from the same period in 2009. Existing-home sales in the region fell 21.8% in the third quarter to an annual rate of 1.64 million and are 16.4% below the third quarter of last year. There were 1.43 million sales year-to-date in the South, in contrast with 1.39 million last year.”

Keep in mind, these stats are for the entire southern region and does not focus on Big Canoe where foreclosure numbers are significantly less than other area or mountain real estate in general but it does give us an overall view of what is happening in our area.
The report reiterates that this is still a great time to buy a home.