According to the Associated Press, home sales in the Midwest are up a reported 22% over this time last year, although many analysts believe that the 130,000 reported sales are a result of the expiration of the tax incentive. Additionally, the median home price in that region rose a little more than 2%, taking it to $150,700.
In fact, every city that the REMAX Monthly Housing Report considers to be a “major” Midwest city except one showed serious jumps in sales volume and significant rises in median home values, with Fargo, North Dakota’s sales rising 66%. However, Detroit reported a 15% drop in sales and home values in that area did not rise either.
The Housing Report attributes Fargo’s meteoric rise to the fact that the city has the lowest unemployment in the country, lending further credence to the argument that no aspect of the economy, including the housing market, can truly stabilize and become firm ground until the country’s employment rate drops and people feel that they are once again on firm footing.
What do you find concerns your buyers most in this economy?
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