This data is some of the most important that NAR has released in the last two years as it shows how the tax credit has caused a small surge in home sales. – Existing-home sales, which are completed transactions that include single-family, townhomes and condos, rose 6.8% in March  and are 16.1% above the level in March 2009.

Of course the news is not just in the month on month data, but the fact that sales are much higher than last years levels for nine straight months, and inventory has trended down from year ago levels for 20 months running. In fact, the tax credit has done what is was supposed to do – help stabilize the market and preserve home values (it is estimated that the credit saved $1 trillion of home values nationwide!)

Currently total housing inventory is at an 8 month supply with raw unsold inventory 21.7% below the record month of July 2008. Foreclosures (representing 35% of transactions) have been coming to the market and being absorbed at a managable pace with first time homebuyers representing 44% of transactions in March, up from 42% in February, while the level of investors remained at 19%.  The number of all cash transactions was again higher at 27% – which is interesting as the National Association of Mortgage Bankers says that mortgage applications are up 10% with rates under 5% on average that is no surprise.

Re: PRICING – The national median home price was up 0.4% overall, but for single family homes it was up 0.6%.

Single Family home sales themselves rose 7.3% and are 13.3% higher than a year ago – HOWEVER! Thats not all, median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double digit increases! Here in the midwest, sales rose 7.2% and were 15.9% up over March 2009.

The recovery is well underway nationally and here in Northwest Indiana where our economy is going from strength to strength - there still is that last chance to snap up a great home which is excellently priced and with a low rate mortgage loan with or without the credit is still here!

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As one of the top producing teams of experts in our field both locally and Nationally, our full service team strives hard to make sure your real estate transaction is a truly rewarding experience.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Northwest Indiana Real Estate using our complimentary Northwest Indiana Real Estate MLS Search service. Alternatively please contact Jana Caudill and the team if you need more specific assistance in your Northwest Indiana Real Estate needs. You can call the office on: 219-661-1256 or email us on: jana@janacaudillteam.com

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