I found this write up both interesting and encouraging. 

Please read to get a better view of the LOCAL market, not the CA, IL, FL markets that sell newspapers etc. by scaring us!

Chester County Home Sales Show Growth in March

Recently released statistics from the regional Multiple Listing Service, TREND, confirm housing growth for the second month in a row in Chester County. Sales in the county increased in March as compared to a month earlier while prices also showed slight gains, according to the Suburban West REALTORS® Association.

Total existing home sales – including single family, townhomes, condominiums and co-ops – gained 19% in March from February. While sales were down 28% from a year earlier, the month to month trends are starting to show growth after months of decline as the fallout from the jumbo loan crunch begins to ease.

Jim Ryal, 2008 Chairman of the Suburban West REALTORS® Association and a REALTOR® with Prudential Fox & Roach, REALTORS® commented, “In talking with REALTORS® throughout the market, there does seem to be increased traffic at Open Houses, calls to the office and general interest from the consumer. Part of this is the traditional spring market. However, the interest hasn’t dried up mostly because of continued low interest rates and the availability of affordable housing throughout the county.”

According to Freddie Mac, the national average commitment rate for a 30 year, conventional, fixed rate mortgage was 5.97% in March, slightly up from 5.92% in February; the rate was 6.16% in March 2007 and 6.32% in March 2006. As of today, the average rate of a 30 year conventional mortgage in the Philadelphia area is 6.16%

“While sales may not be at the record levels they were two years ago, they are still strong. And as important, we are not seeing the significant price drops being experienced in other major markets,” added Ryal.

The median existing home price for single family homes was $310,000 in March, down 1.25% from March 2007 when the median was $314,000. Overall, the percentage gain (19%) over the last four years (March 2004, 259,900 median price) continues to be substantial for the average Chester County resident.

Lawrence Yun, the chief economist of the National Association of REALTORS®, provided an optimistic forecast of the national market last week: “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent up demand begins to be met.”

Delaware County Home Sales Show Growth in March

Recently released statistics from the regional Multiple Listing Service, TREND, confirm housing growth for the second month in a row in Delaware County. Sales in the county increased in March as compared to a month earlier while prices also showed slight gains, according to the Suburban West REALTORS® Association.

Total existing home sales – including single family, townhomes, condominiums and co-ops – gained 27% in March from February. While sales were down 25% from a year earlier, the month to month trends are starting to show growth after months of decline as the fallout from the jumbo loan crunch begins to ease.

Jim Ryal, 2008 Chairman of the Suburban West REALTORS® Association and a REALTOR® with Prudential Fox & Roach, REALTORS® commented, “In talking with REALTORS® throughout the market, there does seem to be increased traffic at Open Houses, calls to the office and general interest from the consumer. Part of this is the traditional spring market. However, the interest hasn’t dried up mostly because of continued low interest rates and the availability of affordable housing throughout the county.”

According to Freddie Mac, the national average commitment rate for a 30 year, conventional, fixed rate mortgage was 5.97% in March, slightly up from 5.92% in February; the rate was 6.16% in March 2007 and 6.32% in March 2006. As of today, the average rate of a 30 year conventional mortgage in the Philadelphia area is 6.16%

“While sales may not be at the record levels they were two years ago, they are still strong. And as important, we are not seeing the significant price drops being experienced in other major markets,” added Ryal.

The median existing home price for single family homes was $200,000 in March, no change in comparison to the median price for the county in March 2007. Overall, the percentage gain (37%) over the last four years (March 2004, $146,000 median price) continues to be substantial for the average Delaware County resident.

Lawrence Yun, the chief economist of the National Association of REALTORS®, provided an optimistic forecast of the national market last week: “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent up demand begins to be met.”

Montgomery County Home Sales Show Growth in March

Recently released statistics from the regional Multiple Listing Service, TREND, confirm housing growth for the second month in a row in Montgomery County. Sales in the county increased in March as compared to a month earlier while prices also showed slight gains, according to the Suburban West REALTORS® Association.

Total existing home sales – including single family, townhomes, condominiums and co-ops – gained 27% in March from February. While sales were down 26.5% from a year earlier, the month to month trends are starting to show growth after months of decline as the fallout from the jumbo loan crunch begins to ease.

Jim Ryal, 2008 Chairman of the Suburban West REALTORS® Association and a REALTOR® with Prudential Fox & Roach, REALTORS® commented, “In talking with REALTORS® throughout the market, there does seem to be increased traffic at Open Houses, calls to the office and general interest from the consumer. Part of this is the traditional spring market. However, the interest hasn’t dried up mostly because of continued low interest rates and the availability of affordable housing throughout the county.”

According to Freddie Mac, the national average commitment rate for a 30 year, conventional, fixed rate mortgage was 5.97% in March, slightly up from 5.92% in February; the rate was 6.16% in March 2007 and 6.32% in March 2006. As of today, the average rate of a 30 year conventional mortgage in the Philadelphia area is 6.16%

“While sales may not be at the record levels they were two years ago, they are still strong. And as important, we are not seeing the significant price drops being experienced in other major markets,” added Ryal.

The median existing home price for single family homes was $263,830 in March, a small decrease of 2% in comparison to the median price ($270,000) for the county in March 2007. Overall, the percentage gain (19%) over the last four years (March 2004, $221,000 median price) continues to be substantial for the average Montgomery County resident.

Lawrence Yun, the chief economist of the National Association of REALTORS®, provided an optimistic forecast of the national market last week: “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent up demand begins to be met.”