Please look at the below press release I just received from RE/MAX concerning the latest figures on national home sales. It is very impressive. If you have been waiting for the bottom to hit in real estate, I would not snooze, or you might miss the deals. Fall is always the best time to get a deal on Grand Lake.

With interest rates near historic lows and the First-Time Home Buyer Tax Credit set to expire, October Existing Home Sales enjoyed another significant increase.  NAR’s monthly data shows sales were up 10.1% to a seasonally adjusted rate of 6.1 million sales.  Residential inventory supply dropped to just 7 months, a level not seen since February 2007.

October National Sales

Existing Home Sales:       Up 10.1% from September  at an annualized rate of 6.10 mil units, and 23.5% higher than Oct 2008

Inventory:                           Down 3.7 % to 3.57 million units, a 7.0 month supply, 14.9% lower inventory than Oct 2008 

Median Price:                    $173,100 down 7.1% from Oct 2008       (All residential types)

Regional Sales

Midwest :                             +14.4% from last month and +28.8% from last year.   Median price =   $146,600  down 1.1% from Oct 2008

South:                                  +12.7% from last month and +25.7% from last year.  Median price = $151,100 down 6.3% from Oct 2008

Northeast:                          +11.6% from last month and +27.7% from last year.  Median price = $235,400 down 2.6% from Oct 2008

West:                                   +1.6% from last month and +12.0% from last year.   Median Price = $220,200 down 14.7% from Oct 2008

October Survey Findings

                -Distressed properties made up 30% of all October sales

-Successful First Time Home Buyers who had a previous deal fall through = 13%

Read NAR’s press release at    http://www.realtor.org/press_room/news_releases/2009/11/record_big 

Read AP-MSNBC news story at    http://www.msnbc.msn.com/id/34105403/ns/business-real_estate/

For information on Grand Lake homes or waterfront property call the Grand Lake Team at RE/MAX Grand Lake in Grove, OK. Aaron Hughes may be reached at 918 801-5645 or aaronhughes@remax.net or Joe Neill at 918 640-3300 or jneill@remax.net