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« Interesting Roseville Home For Sale | Main | California Sales Down 31.7%, Median Price Up 1.8% »

October 29, 2006

National New Home Values Down but Sales Volume Up

The Commerce Department has reported that the national median price for a new home sold in September was $217,100, a drop of 9.7 percent from September 2005. This is approximately the same median price for September 2004. This means that nationally, most of the gains from 2005 have been erased.

Interestingly, sales volume for new homes increased 5.3 percent for September which was preceded by a 3.8 percent rise in August. This was the biggest one-month gain since an 8 percent increase in March. The rise in sales last month was led by a 23.9 percent jump in the West. Sales were also up 6.9 percent in the South. However, sales fell by 34.5 percent in the Northeast and were down 6.3 percent in the Midwest.

Is there is anything that home sellers and buyers can take from these statistics?

When trying to set a price for your home, the best place to start would be comparable home sales from 2004. This is also an effective way for buyers to analyze the price of the home they are interested in buying.

For an analysis of your homes value, taking 2004 sales into account, click here: Comparative Market Analysis


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