Median Sales Prices Up Sharply in October

SOME GOOD NEWS FOR A CHANGE!
Median sales prices rose sharply in October in Collin County and surrounding areas, according to the CCAR Pulse. The median sales price in October was $180,000, compared to $173,000 in October 2007 and $173,499 in September 2008.

The CCAR Pulse, which delves into the real estate markets of 36 local communities, also reports that the housing supply remained balanced at 5.5 months of available inventory for single family dwellings and 5.8 months of inventory overall. While these two indicators are good news for sellers, several other real estate market indicators did not fare as well.

Although the number of projected closed sales in October was up slightly from September, it was down 11.5 percent compared to October 2007. The number of new listings and listings under contract were also down compared to the same time last year.

"Many factors, such as jobs, the availability of money for loans, consumer product prices, politics, and the overall slumping national economy all influence people's motivation and ability to buy a home," says Steve Haid, CCAR Member Services Director. "Hopefully, enough of those factors will eventually line up in a positive way to stimulate the local real estate market to rebound to levels we have enjoyed in recent years."

Despite October's mixed results, Collin County and surrounding areas remain one of the most attractive places in the country to buy or sell a home. The median family income is 130 percent of what is required to purchase the median priced home, and mortgage rates are less than 6 percent for 30-year fixed-rate mortgages.