The average price has decreased 1.9 percent from the month of September. Compared to last year, prices have fallen 31.8 percent.
Sales of condominiums have increased; up 1.4 percent from last month, and up 75.2 percent from October 2007. Average prices for condominiums fell 10.9 percent from September, and 39.9 percent compared to October 2007.
Across the nation the average median prices of homes are also down compared to 2007 in a many larger markets.
The National Association of Realtors reports that larger markets where prices spiraled uncontrollably have shown strong increases in sales. Across the nation, home sales have increased 2.6 percent in the third quarter of this year compared to second quarter levels.
The western states lead the way, showing increases of 13.1 percent in the 3rd quarter of 2008. Followed by Florida, where sales increased 5% from 2007; median prices of homes in Florida have dropped by 20%.
It goes without saying that a large percentage of these sales are from foreclosure and short sale situations.
Savvy, well-qualified buyers are finding affordable mortgage opportunities available to them at historically low interest rates. Buyers must possess high FICO scores and be able to provide a down payment.
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