Real Estate Sales Boom?

This article was brought to my attention courtesy of the @LendingLadies via a Tweet on Twitter. This is another housing article that discusses the recent significant spur in real estate activities in markets that have been exceptionally battered during the housing crash.

From Realtor.org - "10 Cities Boasting Mini Sales Booms":

Some cities that were hardest hit by the real downturn are experiencing mini sales booms.

Las Vegas real estate properties are down 28 percent in price, but sales of homes are up 15 percent.

.....

Phoenix and San Diego are reporting similar experiences.

.....

Here are the cities where experts say it makes the most sense to buy now.

1. Las Vegas
2. Sacramento, Calif.
3. San Diego, Calif.
4. Los Angeles
5. Detroit
6. Phoenix
7. San Francisco
8. Washington, D.C.
9. San Jose
10. Atlanta

Source: Forbes, Matt Woolsey (01/12/09)

I'm not suggesting that all of housing or the specific markets mentioned in this article have bottomed, but it is important to note that currently there has been a significant increase in sales activity in some of the hardest hit areas. We attribute the drastic drop in housing prices in these markets coupled with incredibly low mortgage rates to the increase in buying / home sales activity.

In our local market, we are noticing exactly the same housing trends discussed in this article. The lower priced homes (our market is in the 200k range) aggressively priced (REO's, etc.) are selling, in many instances, for over the asking price with multiple offers, under 30 days on market.