Housing market shows more improvement

November 17, 2009 | Leave a Comment

The US housing market welcomes a larger share of first-time homebuyers and single women this past year, while a majority of sellers resorted to dropping prices in order to sell their homes. First-time homebuyers accounted for 47% of US home sales between July 2008 and June 2009, up from 41% in the prior year period, according to the National Association of Realtors.

Home prices have shown some signs of stabilization this year and survey results show the market favored first-time homebuyers. Tax incentives, record high affordability and demand brought a record number of first-time homebuyers into the housing market this year. First-time homebuyers had a median age of 30 and represented a median income of $61,600. The first-time homebuyer paid $156,000 for their home.

Sellers did have to go the extra mile to get thier home sold, with 52% offering incentives such a paying for clsing costs. The typical home sold for 95% of the original list price.

Copyright 2009 The Associated Press   Source: www.msnbc.com


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