National Market Update

The National Association of REALTORS® (NAR) reported a decrease in the rate of existing home sales through the month of June, which fell 2.6 percent. NAR's revised home sales forecast now stands at 4.86 million units for 2008.

Despite the decrease, REALTORS® are reporting activity in all regions across the country. NAR president Richard F. Gaylord explains, "Timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth."

Average (Mean) Sales Price of Existing Homes by Region Date  U.S. Northeast Midwest South West 2006 268,200 299,700 205,300 230,000 371,300 2007 266,000 307,100 200,500 225,600 365,900             01/08 245,500 298,400 178,800 206,500 335,600 02/08 242,000 292,700 175,100 204,600 333,100 03/08 247,100 310,800 183,200 209,600 325,200 04/08 247,200 294,400 188,500 212,900 327,000 05/08 252,600 309,100 190,700 219,000 326,700 06/08 257,500 292,600 204,200 229,900 330,500 Statistics from the National Association of REALTORS®

To stimulate market activity, the Federal Housing Administration has increased loan limit guarantees for 2008. FHA programs are available with a modest 3 percent down payment, and allow borrowers more buying options when purchasing a home. The national median existing home price was reported at $215,100 in June, down from a year ago when the median price was $229,000 for all housing types.

Moving Tips!

Moving doesn't have to be stressful! Prepare ahead to make the most of your moving day.

1. De-clutter: This is the perfect opportunity to get rid of those things you no longer need or use. Donate old clothes to Goodwill, hold a garage sale, give away things to people who would enjoy them, and make a trip to the dump.
2. Organize: Pack your possessions by room and label them properly. This will save time for you and the movers.
3. Keep Essential Items: Think ahead and consider the things you'll need to have during that first night at your new home. Pack a change of clothes, toiletries, bedding, light bulbs, box cutters, and anything else you can think of to make that first night an easy one.
4. Notify: Fill out a change of address form at your local post office. Be sure to notify local utility companies and service providers to avoid unnecessary charges, and to make sure these services are activated when you move in to your new home. Save even more time by doing these things online!