Home prices, sales improve in second quarter

Many of the nation's biggest metropolitan areas reported some level of stability returning to their housing markets.

About 100 out of 155 MSAs saw higher year-over-year median home prices in the second quarter, reported the National Association of Realtors. The median national price for a home also rose 1.5 percent, to $176,900. Add that to a 9.1 percent rise in second quarter existing home sales from the previous quarter, and it would appear that the housing market is reaching some balance as more people used government incentives to afford moving into a new home.

"As expected, sales are slowing down now that the homebuyer tax credit has expired," said NAR president Vicki Cox Golder, "but record-low mortgage interest rates, along with stable and affordable home prices in most areas, provide opportunities for buyers who weren't able to take advantage of the credit."

Many experts think that the current homebuying market is ideal for someone who is committed to moving into a new home for the long term. Before making the move, a person should make sure they have secured a mortgage through a qualified lender.


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