The High Country Association of REALTORS® released statistics today for residential homes sold through the end of November. Sales are off from October's numbers, approaching June's total residential units sold.

Sales continue to fall below last year's figures. When comparing year-to-date numbers with the same time period in 2008, the number of residential units sold is down 11.1 percent, and the median sold price for residential property is down 11.3 percent. The total number of new residential listings is down 6.2 percent from 2008.

Mortgage rates are also dropping, which is good news for homebuyers. According to Freddie Mac, the   national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 in November, down from 5.06 percent in September. The rate was 6.09 percent in November 2008.
In addition to lower mortgage rates, buyers now have more time to secure big tax savings. On Nov. 6, President Obama signed The Worker, Homeownership and Business Assistance Act of 2009, which includes an $8,000 tax credit for qualified first-time buyers and a $6,500 tax credit for qualified existing homeowners. This gives prospective buyers an additional six months to take advantage of the popular tax credits, which have helped boost sagging homes sales.


"With a great selection and pricing focused to sell, now is an excellent time to purchase a house," said Carole Cox, president of the High Country Association of Realtors. "With the extension of the tax credit, people have another opportunity to buy the home of their dreams."

The tax credits now apply to sales occurring on or after Jan. 1, 2009 and on or before April 30, 2010. This means buyers may act before the end of 2009 or in 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.


More information about the tax credit for first-time homebuyers may be found at  http://www.irs.gov.

More information about the High County Association of Realtors may be found at  http://www.highcountryrealtors.org. The association is composed of members in Watauga and Avery counties and the surrounding area who maintain a marketplace where buyers and sellers can safely transfer property under the guidance of a professional held to standards of excellence.