Two of the four major regions experienced a downturn in February -- including the Midwest.

The Pending Home Sales Index for the Midwestern region -- showed that numbers were fairing better than its Southern neighbors, with just a 3.7 percent decline -- down just over 17 percent from last year.

Predicting a turn around in home sales come summer time, NAR chief economist Lawrence Yun, is reporting that "there will continue to be wide variations in regional housing market conditions. ... Some parts of the country, he says, that can expect improvement include the Northeastern region and the oil-patch states of Texas, Oklahoma, Louisiana and Arkansas."

Local market expert, Tim Murphy, reports that for St. Louis Park, Minnesota, the market is neutral at this time -- with a steady supply of homes to choose from. The average sales price down right now -- to around $234,000.

Peggy Brown, a Realtor in Sugar Grove, Illinois, is reporting that this buyers market saw an average sales price of $294,000 in March -- just slightly under the average for February.

So buyers and sellers alike stay are staying alert in the Midwestern region -- awaiting a turnaround that could be seen as early as summer.

Published: April 21, 2008

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