My Real Estate Blog

If the latest release from the National Association of Home Builders and Builder Magazine is any indication, it may just be the younger generation of Americans that leads the way to a housing recovery. While they make up just 32% of the home-buying population, Generation X is the most mobile of the generations.

In comparison, Baby Boomers, who make up 41% of potential buyers, are waiting it out until the market improves.

According to National Association of Realtors, “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers.”

Regionally, the numbers were consistent. All four regions saw decreases in existing-home sales in February. And the declines were fairly hefty figures.

The Northeast was down 7.2%, with the median home price down 9.5% from a year ago. It is now around $230,000.

The Midwest saw the largest decline, at 12.2%. Their median price is a much more affordable $122,000, but is still down 5.4% from February 2010.

And the South and West fell 10.2% and 8.0%, taking them to existing-home sale figures close to year ago levels.  

Overall, the economy continues to try to recover. There are pockets of lights in areas all across the nation. Let's hope they start shining on some of the darker areas.