November data shows the median sales price in all three counties are bouncing along what seems to be a soft bottom.

The industry experts had predicted that the sales prices should start to increase due to the extension of Homebuyer Tax Credit which now ends on April 30th. I believe the Home Buyer Tax Credit will increase the amount of homes sales over the winter months compared to last year; however,  with the interest rates rising so sharply over the past thirty days I also believe home prices will have to adjust downward to keep the homes affordable to the buyers. Let’s hope the the the federal treasury continues to buy the mortgage security back bonds to help keep the interest rate in check, only time will tell.