Existing Homes Sales Increase in Midwest
Existing homes sales increased in the Midwest by 4.4% in September. However, existing homes sales are still lower than 2007 by 2.5%. The inventory of homes for sale fell to a 9.9 month supply compared to a 10.6 month supply in August. The supply of homes is shrinking which is great news for homeowners trying to sell their homes. Distressed sales which are foreclosures or short sales represent approximately 35 - 40 % of the transactions. Nearly 80% of home buyers are purchasing homes for use as a primary residence. The median sale price of an existing home in the Midwest is $152,500. This is 7.9% lower than September of 2007. This information was obtained from the National Association of Realtors (NAR) www.realtor.org.