SPRINGFIELD (September 24, 2008). The median single-family home sale price decreased slightly while unit home sales continue at pre-boom 2003-2007 normal levels in the Capital Area during August 2008, according to figures from the Capital Area Association of REALTORS® (CAAR) Multiple Information Service.

For the month of August 2008, the median home sale price (for all single-family homes and condominiums) was $113,000, revealing a decrease of 1.8 percent from the $115,000 August 2008 price. The year-to-date median home sale price through August of 2008 yielded $105,000, virtually identical to the same period in 2007. The median is a typical market price where half the homes sold for more, half sold for less.

Home sales in the Capital Area during the month of August amounted to 346 units, well below the 417 home sales recorded in August of 2007. Year-to-date home sales through August of 2008 revealed 2,477 unit sales, down 16.5 percent from the 2,077 during the same period in 2007.

“According to CAAR president, Philip Chiles, ABR, GRI, the recent turmoil in the financial markets have threatened the prospects for a quick recovery of the housing market. However, interventions by the federal government will help to ease the difficulties brought on by this turmoil. It is becoming clear that future prospects for a recovery will ultimately be tied to the overall health of the economy.”

“With the new $7,500 first-time homebuyer tax credit, low interest rates, lower home prices, attractive FHA loans and an ample supply of homes, this fall is shaping up to be a great time to buy,” said Chiles.

The average cumulative days on market (CDOM) for homes that have sold during August of 2008 was 99 as compared to 88 during August of 2007. For the year-to-date 2008 the CDOM was 106 days as compared to 94 days during this same time in 2007.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 6.48 percent in May 2008, down from the 6.57 average rate during May of 2007.

The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing more than 700 members involved in all aspects of the real estate industry. The Capital Area’s Resource for Real Estate Information can be found at www.SeeHouses.com.

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