The Houston Business Journal just released this article regarding home sales in the South versus the rest of the nation. As the summer season comes to a close, we are still ahead of the game down here! Read below:
Sales and prices of existing homes in the South fared better than those nationwide in August, the latest data shows.
The National Association of Realtors said Wednesday total sales in the U.S. declined 2.2 percent in August from July. But existing home sales in the South region, which includes Texas, advanced 0.5 percent. While the average price of a home nationwide dropped 8.9 percent compared to August 2007, prices in the South fell just 3.4 percent.
“August sales reflect higher interest rates before the government takeover of Freddie Mac and Fannie Mae,” says Lawrence Yun, NAR chief economist. “With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability.
However, home sales will be constrained without a freer flow of credit into the mortgage market,” Yun says.
The South region consists of: Alabama, Arkansas, Delaware, D.C., Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia.
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