Nationwide sales are UP and still increasing!!

 The number of existing-home sales nationwide increased in February by 5.1 percent over the preceding month, and first-time buyers accounted for half of those sales. The report, from the National Association of Realtors, includes single-family homes, townhomes, condominiums and co-ops. The most dramatic increase was reported in California where sales of existing single-family homes increased 83 percent in February, according to the California Association of Realtors. "Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions," said Lawrence Yun, NAR's chief economist. "Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price, and this naturally is drawing down the overall median price of homes." Yun noted that sales recovery in the West is particularly strong - much more than expected at this point. "Strong sales gains in the West are led by California, where the median listing price is beginning to rise for the first time in three years," he said. The number of home shoppers has picked up significantly, according to Charles McMillan, NAR president. "The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago. It appears most of the increase in buyer traffic occurred in the later part of the month after the $8,000 first-time buyer tax credit was put in place. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring.

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