The National Association of Realtors reported on April 22nd, just over a week ago, that existing home sales slipped in March.

Regionally, sales rose in the Northeast and West but fell in the Midwest and South, says the report.

Existing-home sales in the Midwest dropped 6.5 percent to an annual rate of 1.16 million in March, and are 15.9 percent below a year ago.

The median price in the Midwest was $152,600, down 5.3 percent from March 2007.

Our market expert in Columbus, Ohio, Jim Lubinsky, says inventory in his market is higher than normal for this time of year, with 15,000 single-family homes and over 3,000 condos for sale.

And he says the slower areas of his market are seeing much more in the way of seller concessions.

Moving over to Minneapolis, Minnesota, Alicia Garatoni says that for the week ending April 19th, there were only 2,152 new listings, down 19.6 percent from the same period last year.

And less inventory, she says, means that prices in her market should continue to stabilize.

Finally, moving just south of Minneapolis to the small market of Apple Valley, Minnesota, market expert Staphanie Danek says buyers are in the drivers seat for her area.

This market continues to remain in a strong buyers position, she says, and interest rates are excellent for many companies.

But the market for loans is tighter, she says, and lenders are charging more to originate your loan based on credit scores -- good scores are likely to be rewarded.

Published: May 5, 2008

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