SPRINGFIELD (May 23, 2008). The median single-family home sale price decreased slightly while unit home sales also decreased in the Capital Area during April 2008, according to figures from the Capital Area Association of REALTORS® (CAAR) Multiple Information Service.

For the month of April 2008, the median home sale price (for all single-family homes and condominiums) was $95,700, nearly unchanged from the $96,000 April 2007 price. The year-to-date median home sale price through April of 2008 yielded $97,000, up 2.2 percent over 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 April amounted to 324 units, down 18.8 percent from the 385 home sales recorded in April of 2007. Year-to-date home sales through April of 2008 revealed 993 unit sales, down 18.1 percent from the same period in 2007.

According to CAAR president, Philip Chiles, ABR, GRI, we continue to see the effects of tighter credit standards resulting in the loss of 100 percent financing, which translates into fewer first-time homebuyers in the market.

“With historically low mortgage rates, a plentiful supply of homes available for sale, and housing stock in the Capital Area that is very affordable, now is an ideal time to hop off that fence and buy,” said Chiles. Chiles cautions buyers against following the “herd mentality”. By that, he means that the time to buy is now - not after everyone else realizes that it’s a great time to buy too. “It is unrealistic to assume that these conditions will continue to persist indefinitely,” said Chiles.

The inventory of homes for sale at the end of April was 1,818, nearly identical to the 1,820 homes for sale during the same time last year. As of May 21st there were 1,841 homes for sale in the Capital Area. Inventory continues to remain at historically high levels. Our current inventory reflects a 5.7 month supply of inventory at the current sales pace.

The average cumulative days on market (CDOM) for homes that have sold during April of 2008 was 116 as compared to 110 during April of 2007. For the year-to-date 2008 the CDOM was 121 days as compared to 100 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 5.92 percent in April 2008, down from the 6.18 average rate during April 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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