The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas. The median is a typical market price – meaning half of all homes sold for more, and half of all homes sold for less.
Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local. "Some metro areas are hot, while others are experiencing localized problems," he said.
The national trend seems to be holding true in the Huntsville/Madison area. In October 2007, although overall home sales had slowed, the average sales price increased 8% over the average sales price in October 2006.
As NAR President Richard Gaylord (RE/MAX, Long Beach) reminds us, it is important to pay attention to our local market when the media begins to discuss so-called national real estate trends: "There is no such thing as a national housing market . . . what's really important for consumers is to make informed decisions based on individual needs, desires, and timelines in a given area."
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