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The number of sales in Lee County are up 125% over last years numbers according to the Association of Realtors. It is obvious by the activity in my office that many people feel we have already seen the bottom and are on the way back up. It is also evident that prices are up from just a few months ago. This is a golden opportunity for investors as well as first time home buyers who were priced out of the market a few years ago. Regional differences: The South saw the largest gain of any region, with pending home sales jumping 8.5%. Pending sales are 7.7% higher there compared with a year ago. The Midwest gained 3.9% from February and 1.7% year-over-year. Northeast sales fell 5.7% and are off 24.1% compared with March 2008. The West dropped 1% for the month but are up 8.2% year-over-year. Low home prices continued to help to drive sales, although NAR's affordability index actually fell 2.3% from February, when it hit a historic high. This index is based on family income, home prices and mortgage rates. "Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment," said NAR President Charles McMillan, in a prepared statement. "For buyers who've been on the sidelines and have good jobs, the market has never looked more favorable.

May 2007