Nearly eight out of 10 Americans believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors®.

The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.

Despite economic uncertainty, 68 percent of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75 percent), it’s up from 2008 (66 percent) and 2007 (59 percent). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market – more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40 percent said it was one of their highest priorities.

Lower home prices have improved affordability. Let’s take a look at October home sales and see how improved affordability is affecting our local housing market.

Midtown Montgomery real estate sales statistics for October show the average sales price decreased by 18% to $106,826 while the number of homes sold decreased by 24% from 2009.  Median sales prices dropped 43% and market times increased 14% or 7 days in 2010.

Midtown
Montgomery
 October
2010		 October
2009
Homes Sold
 25 33
Average Selling Price $106,826 $130,053
Median Selling Price $65,000 $114,750
Days On The Market 108 93
Units On the Market 3,178 3,178

For the latest Midtown Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.