Graphic Source: MSNBC.com

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New home sales were down a surprising 12% last month to a seasonally adjusted annual sales pace of 276,600. We have to go back to 1963 to see a slower pace for new home sales.

If you would like more information here are a few links to articles:

• New York Times
• CNNMoney.com
• Housing Wire

The National Association of Realtors released their Home Price Survey information for the second quarter of 2010.

Accoding to the NAR Press Release:

In the second quarter, 100 out of 155 metropolitan statistical areas (MSAs) had higher median existing single-family home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009.

The national median existing single-family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago.

NAR’s complete Second Quarter 2010 Survey Report is available here.

Courtesy Billie Hara via Flickr

In some cases there is much discussion, hand-wringing and consternation about the Assessed Value vs. Fair Market Value of a home during the selling/buying process. It’s interesting that sellers would want a low assessed value while living in the house (lower tax bills) but then would appreciate a higher assessed value when listing their home with me. Knowledgeable Real Estate Agents will always try to coach buyers and sellers to understand that the correlation between Assessed Value and Fair Market Value is very loose – at best.

To help explain and offer further insight, you may find this article about Assessed Value vs Fair Market Value from a REALTOR in Massachesetts interesting.

At least, that’s what CNNMoney.com has to say in their recently published article. With the Federal Tax Credit for home buyers behind us the big question is: What happens to homes sales in the coming months. According to the article “Bipolar” is an apt desciption for the most recent predictions.

“On one hand, sales and prices are rising, indicating recovery. On the other hand, so are interest rates and repossessions, which most certainly do not.”

The good news is that while we do see some of the foreclosures/repossessions here in northeast Cincinnati, our marketplace is not overcrowded by the national trends in these areas (i.e., repo’s). The numbers show that our local area has been somewhat insulated from the national scene, but we have not been wholly immune.

In other words, do we face challenges? Yes. Are there still great opportunities for home buyers and home sellers here in our metorpolitan area? Yes.

Visit CNNMoney for the complete article.

The National Association of REALTORS® released information about the growth rates in home prices for the first quarter of 2010 compared to the first quarter of 2010. The Top 10 States (highest home price growth rate) are shown in the chart to the left.

Ohio was listed as 39th with a statewide year-over-year home price growth rate of 5.5%.

You can access the complete report from the National Association of REALTORS® Press Release.