Real estate watchers waited with bated breath for numbers reflecting the May market, curious to see how it would fare after the federal homebuyers’ tax credit expired in April. Of course, homebuyers still have through June (for now) to close on their homes, and existing home sales data tracks transaction closings – so some of the numbers still reflect business based on the tax credits. Regardless, the data is telling and what it presented was a mixed bag, depending on where you live and how you view the market.

If you’re a bull market believer, the numbers are mostly looking up. And in fact, year-over-year, most indicators – existing home sales, condo and single-family home sales, median home sales price, new building permits – are much improved. Keeping in mind where we were in May 2009, of course, it’s a bit of a dubious statistic. Still, progress is progress.

Looking month-to-month, though, the nationwide numbers show we’re certainly not out of the woods – existing home sales slipped 2% from April, and new home sales dropped a significant 33%. While the Northeast was particularly hard hit, though, the South and West regions actually saw existing home sales increases of .5% and 4.9% respectively.

The Houston real estate market saw reasons to be cautiously optimistic as well. In May, single-family home sales increased 7% over April, and condo sales were up 15%, continuing a three-month trend of increases. Also, No prescription cialis our housing inventory is currently at 6.8 months – much lower than the national total of 8.3 months. While some of these improvements must be attributed to the federal tax credits, and we’re still not back to “normal” levels, our region continues to be among the best in weathering the economic storm.

So where do we go from here? There are certainly some causes for optimism. With mortgage rates at historic lows and plenty of well-priced property, the market continues to be favorable to buyers – particularly in areas, such as Houston, where the median sales prices of Houston homes for sale are around $20,000 less than the national median, according to the Houston Association of Realtors’ website.

Of course, a national recovery will be contingent on improving employment numbers and greater economic stability worldwide, which – while we’ve seen some baby steps – still have a way to go. To borrow a phrase from CNNMoney’s Paul R. LaMonica, we might have to start calling this “the barbecue recovery,” meaning it’s “low and slow.” However it happens, though, the real estate market will be key in any steps toward Kamagra Soft a mended economy.

Author Bio: Wes McFarland covers the Houston real estate market. He follows the economy and its impact on Houston homes for sale. Local trends are followed from information gathered from the Greater Houston Metropolitan Area, local MLS, and Houston Realtors working in the local markets.

Category: Finance/Real Estate
Keywords: real estate, realtors, home sales, tax credit, homes for sale, mortgage, interest rates, economy