American home sales dropped 11.2 percent from December 2009 to January 2010 according to a report released by the U.S. Department of Commerce today. Â The decrease in sales in January dragged the nationâ€™s seasonably adjusted sales rate down to 309,000 homes, a number that is as low as it has been in almost fifty years.
I wrote an article yesterday about how DC was the fourth best performing real estate market in the US during 2009, so take these national numbers with a grain of salt.
The report states that the new national median housing price is $203.500, 2.4% less than last yearâ€™s median.
â€œNew home sales for all of 2009 had fallen by almost 23 percent to 374,000, the worst year on record,â€Â Martin Crustinger of the Associated Press wrote today. Â â€The National Association of Home Builders is forecasting that sales will rise to more than 500,000 sales this year, an improvement from 2009 but still far below the boom years of 2003 through 2006 when builders clocked more than 1 million new home sales per year.â€
While it seems as though theÂ DC condo and DC real estate marketÂ is on the way up, Crustinger explained that the rest of the nation might still have troubles that lie ahead.
â€œThe unexpectedly large drop in January activity will increase concerns that the housing rebound could falter in coming months as the government withdraws the support it has used to try to bolster the housing market, which stood at the epicenter of the countryâ€™s overall recession, the worst downturn since the 1930s.â€
While, home sales are down nationally and could continue to be, the DC Condominium market is on itsÂ way up.