Falling prices a good omen for spring market
Here's an emerging pattern that may hold out the best hope yet for an eventual real estate market rebound.
Home prices are falling again. And guess what? Sales are rising again for the first time since the multibillion-dollar home buyer tax credit expired last spring.
Homes sales across the country jumped 22 percent from October through January, even as the median sale price plunged to $158,800, Bloomberg reports, citing stats released by the National Association of Realtors.
A similar pattern of falling prices and rising sales is also taking hold here in Greater Boston, though January sales appear to have foundered amid the record snowfalls that battered the region.(I'm typically unimpressed with weather related excuses but I'll make an exception this time.)
So enough with all the hand-wringing about the dreaded double dip in home prices.
Not only is it here, it may turn out to be just what's needed to get the real estate market back on track.
