November 25th, 2008
BREAKING NEWS!
October Existing Home Sales Released! (National)
National existing home sales declined in October 2008 according to the article below from the National Association of Realtors. Specific October 2008 home sales for the Central Virginia, Richmond Virginia Area are not yet available, but will be reported on RichmondHomeShopper.com as soon as possible. Sign up today for our email subscription or RSS feed to receive our real estate articles and news releases!
WASHINGTON, November 24, 2008: Existing-home sales declined on the heels of a strong gain in September as uncertainty and economic concerns increased in October, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 3.1 percent to a seasonally adjusted annual rate1 of 4.98 million units in October from a downwardly revised pace of 5.14 million in September, and are 1.6 percent below the 5.06 million-unit level in October 2007. Lawrence Yun, NAR chief economist, said consumer hesitation is understandable. “Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions,” he said. “We have favorable affordability conditions, but we need more than that to give buyers with jobs the confidence they need. This is why a housing stimulus is so critical now to encourage more buyers to draw down the inventory and stabilize home prices. Without home price stabilization, there will not be an economic recovery.” LINK TO FULL ARTICLE
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