A Daily Shot of News

Real estate experts throughout the Midwest are optimistic that the end of the real estate struggle in the region is soon over.  Although median home prices are still generally below previous years levels, many major real estate markets are starting to post significant year over year gains in home sales.  The Des Moines real estate market has posted the largest of those gains.  Des Moines real estate experts are reporting that the real estate in Des Moines has improved greatly due to the first time home-buyers tax credit, as well as historically low interest rates and a large inventory of affordable housing options.

The New York Times reported that the Midwest has proven to be one of the most successful markets with significant improvements seen over the past few months.  The National Association of Realtors said that as of November, there were 111,000 home sales in the Midwest, up 26 percent from October of 2008.  The median sales price for the region has increased by 1 percent to $146,000, though many markets are still experiencing slight declines.  October experienced the largest jump in home sales, which many realtors attribute to the initial deadline of the federal tax credit and the favorable market conditions compared to that of the previous year.  The New York Times also noted that Des Moines led the Midwest with the largest increase in home sales.  Real estate in Des Moines posted a 39 percent rise in the number of home sales from a year ago.  However, the median sales price declined by about 5 percent to $144,000.  Real estate experts in Des Moines say that the federal tax credit has been a major factor in the improvement of the Des Moines real estate market over the past few months.

The Des Moines Register also noted the 39 percent jump in home sales in Des Moines.  Realtors reported that most homebuyers are trying to take advantage of the federal tax credit.  The number of homes sold between the $100,000 and $175,000 range has increased by 50 percent compared to that of a year ago.  Most experts believe that home sales will increase slightly in the coming weeks as the new deadline for the federal tax credit draws closer.