On Track For Home Price Increase In January

Based on sales data from the Pinellas Realtor Organization from the last two years, it appears that the decline in home prices will stop by the end of the year and that the beginning of 2010 will see the first increase in the year over year median home sales price since 2006. The graph below shows that by next month, the price declines will zero out if the latest median home sales price of around $139,100 holds. The median price has been increasing since January so, barring any surprising economic bad news, this is not unreasonable. The market hit bottom in January with a median home sales price of $122,400 and a year over year decline of 33%. I expect the news media will pick up on this in the fourth quarter and if a price increase occurs at the beginning of the year, we will see a wave of buyers who have been sitting on the fence waiting for the good news. My advice: Buy now and if you are looking to sell, wait until February of 2010.

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