Actually, when you put the numbers under a microscope, single-family home prices — on a price-per-square-foot basis — seem to have stabilized since July 2009 after a long, dizzying descent. (The tax notice you got in the mail recently probably indicates otherwise, but it reflects activity from the first half of 2009, when prices were still in free-fall, and condo prices, which are still in decline).
Since July 2009, median home sale prices have flattened or are even up a little, according to some measures. That’s an indication that people like the Fabricios are inching back into the market, at least those lucky enough to have the cash or financing to make a purchase.
“We’re selling more homes than we sold in the last five years,” said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realty. “2010 is going to be the best year in our industry since 2005.”
There are a variety of reasons: Interest rates are at historic lows, choices are abundant (thanks to the many distressed properties glutting the market), and if the past 12 month are any indication, single-family home prices may have bottomed out.
Finally, there’s this: for $250,000, you can buy a heck of a house.