There's nothing like fire-sale pricing to attract bargain hunters.
According to data released today by the National Association of Realtors, existing-home sales increased in 13 states during 2008's second quarter. In addition to Virginia (up 10.5%) and Idaho (up 51.7%), the list also includes states that have been hammered by the housing crisis: California (up 25.8%), Arizona (up 20.5%), Florida (up 10.1%), and Nevada (up 25%).
With supply high and demand low in those former hot spots, buyers are hoping to take advantage of economic principles and walk away with a deal. "The biggest home-sales gains over the previous quarter have been in some of the markets with the steepest and fastest price drops," noted Lawrence Yun, NAR's chief economist. "Buyers in these areas are responding to deeply discounted home prices."
Overall, total state existing-home sales fell to a seasonally adjusted annual pace of 4.91 million units, which represents a 16.3% year-over-year drop. Compared to 2008's first quarter, though, the latest numbers barely budged, with just a 0.8% dip.
These statistics include sales of both existing single-family homes and condos.
Alison Rice is senior editor, online, at BUILDER magazine.