First-time home buyers accounted for about 41 percent of first-quarter sales activity, according to a survey conducted by HouseHunt,, a real estate information and services company. First-time buyer activity rose from 36 percent in the second half of 2004, the company reported.
About 60 percent of home listings are selling in 30 days or less, according to HouseHunt's Current Market Conditions survey. Nine of 10 sellers got 95 percent or more of their asking prices despite rapid appreciation, shrinking buyer affordability and slightly higher mortgage interest rates, HouseHunt also reported, while 6 percent report getting less than 95 percent of the asking price.
First-quarter sale prices in the HouseHunt survey ranged between $160,000 to $900,000, with the median in the upper $300,000s.
Home-price appreciation in the past year was almost evenly divided between zero to 10 percent, and 10 percent or more. In 2004, the median home price appreciated 8.8 percent to $187,500. Regionally, median prices rose 13.5 percent to $222,500 in the Northeast; 14.1 percent to $278,000 in the West; 6.9 percent to $151,000 in the Midwest; and 8 percent to $169,700 in the South.
Across the U.S., results in the West and South regions were mostly consistent with the national survey, the survey found, with exceptions in the Northeast and Midwest. For example, the Midwest reported more first-time buyers (67 percent) than the national average of 41 percent while the Northeast reported the fewest (23 percent). Price appreciation of more than 10 percent was reported in the South (69 percent) while the Northeast reported 73 percent in the zero to 10 percent range. The national average was 53 percent in the zero to 10 percent range.
The survey is based on data from HouseHunt’s Exclusive Agent Referral Network members in 47 states. Results are updated quarterly.
For more detailed “Current Market Conditions” reports on housing markets across the country, visit HouseHunt.com, select the state and community or territory, then click on “Real Estate Trends.” Profiles of sales agents with exclusive HouseHunt territories are available online, too.
HouseHunt’s two primary Web sites are HouseHunt.com and MoveUp.com. The sites offer consumer information on local communities, property listings, recent home sales, electronic property-matching, buying and selling, and access to real estate agents.
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