“As the median sales price for new homes slipped to its lowest level in four years, sales of single-family homes increased by 2.7% last month to a seasonally adjusted annual rate of 464,000, the Commerce Department said. Economists had forecast a September sales rate of 455,000. Sales in most regions of the country declined or remained virtually flat, while the West saw a 22.7% increase in new home sales.”
The article goes on to talk about the credit crunch keeping would be home-owners out of the market place, for now, while they wait for a better deal.
Housing Inventory Nationwide
Another bright spot is the inventory of pre-existing homes has declined to a 10.4 month supply across the board. While still high, this is considerably lower than just a few months ago.
Is Now A Good Time to Buy?
One thing to always keep in mind is that folks need places to live. I get the question posed to me frequently “Is now a good time to buy“. The answer to that is different for each person asking.
No one knows where the bottom prices will level out – but if you need a place to live, have a down payment and financing – yes now is a good time to buy.
If you are looking for something to invest in, yes, now would be a good time to buy. When you consider the Lake Powell area has not seen dramatic price decreases in the housing market it is a good time to buy here.
New Housing in The Page Lake Powell Area
With Indigo Ridge, Toroweap, the new homes at Tuscany, and Lake Powell View Estates all in the works and housing prices here remaining stable, it is a great time to be looking at the Page Lake Powell area for real estate investment.