Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months. The national average existing-home price for all housing types was $174,900 in September, which is 8.5 percent lower than September 2008. Distressed properties continue to distort downwards the average price because they generally sell at a discount relative to traditional homes in the same area.

For the first time in five years, American home sales have increased for four months in a row. The American median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008. Distressed properties continue, however, to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.

The number of homes sold in America fell in August as tough mortgage credit conditions dampened real estate activity. American home sales fell 2.2 percent on the month and are almost eleven percent below last year’s sales.

Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time …

The American median existing-home price for all housing types was $215,100 in June, down 6.1 percent from a year ago when the median was $229,000. American existing-home sales – including single-family, townhouses, condominiums and co-ops – fell 2.6 percent to a seasonally adjusted annual rate of 4.86 million units, 15.5 percent lower than the rate in June 2007.

The American median existing-home price for all housing types was $208,600 in May, down 6.3 percent from a year ago when the median was $222,700.
Lawrence Yun, NAR chief economist, said there’s still a lot of inventory in the market. “The large supply of homes on the market clearly favours buyers, and it should take several months to draw the inventory down,” he said. “Stabilisation in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets. Foreclosures and short sales appear to be a larger part of the market, particularly in California, and are creating a drag on current home prices.”

The American average existing house price for all housing types was $202,300 in April, which is 8.0 percent below a year ago when the median was $219,900. Total housing inventory at the end of April rose 10.5 percent to 4.55 million existing houses available for sale, which represents an 11.2 month supply at the current sales pace, up from a 10.0 month supply in March.

The American median existing-home price for all housing types was $200,700 in March, down 7.7 percent from a year ago when the median was $217,400.

The number of houses sold in America fell in December after several months of stable activity. Despite the fall, the total number of homes sold in 2007 was the fifth highest on record.

House sales rose slightly in November, with industry insiders expressing hopes that America’s property markets are stabilizing in the wake of the year’s subprime mortgage problems.