There are some positive and negative news regarding home sales in the Birmingham metro area. According to the Birmingham Association of Realtors, realtors sold more homes in February 2009 than in January 2009, for a 28% increase. However, total residential home sales from February 2009 compared to February 2008 are down 26%.
The average price for a home in February 2009 was $171,062, compared to $178,600 in February 2008.
The median price in February 2009 was $130,000 compared to $152,500 in February 2008.

When Alberta’s housing market abruptly switched from white hot to cold late last year, Calgary home builder Don Doolan decided the best way to keep the buyers coming was to discount prices – a lot. New single detached houses, which his company sold for $500,000 to $525,000 in 2008, are now on the market for $425,000 to $450,000. The 15-per-cent price reduction is generating sales that will enable his firm, Talisman Homes Ltd., to ride out the recession and “live to fight another day,” Mr. Doolan said yesterday, adding that other Alberta builders are offering similar incentives.

Las Vegas home sales edged up slightly in February, but nothing seems to stop falling prices, which have dropped 50 percent from their peak. The Greater Las Vegas Association of Realtors reported this week that the median home price fell 2.7 percent in February to $155,603. That’s down from $160,000 in January and 37 percent from February 2008. The $155,603 price marks a 50.6 percent decline from the market’s peak in June 2006 when the median price was $315,000, according to the Realtors’ group. The organization tracks only single-family homes sales on the Multiple Listing Service.

Freddie Mac (NYSE: FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.03 percent with an average 0.7 point for the week ending March 12, 2009, down from last week when it averaged 5.15 percent. Last year at this time, the 30-year FRM averaged 6.13 percent. The 15-year FRM this week averaged 4.64 percent with an average 0.7 point, down from last week when it averaged 4.72 percent. A year ago at this time, the 15-year FRM averaged 5.60 percent.