Figures indicating existing home sales fell in January would seem to suggest declines across the nations; however, home sales in the South gained 8 percent in January as buyers sought to benefit from the short-term federal tax credits and low prices.
Despite this positive figure though, sales tumbled 35 percent from December, signaling that the housing market's recovery is not yet near.
Media sale price of previously occupied homes fell two percent from January of 2009 to $140,200 according to reports from National Association of Realtors reported Friday.
275,000 homes were sold in the U.S. in January, down a massive 33 percent decrease from December, but a 7 percent improvement upon January ’09 levels.
The increase in the South is thought to be the combined result of government tax credits ending April 20, discounted mortgage rates around 5 percent steeply lowered home prices. Median sales prices for homes fell in 10 Southern cities.
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