Media misrepresenting market?

Contributed
Published: July 24, 2008

To the editor,
For four straight months, national housing prices have been on the rise. Yet the majority of news outlets have yet to report this trend. The unbalanced coverage paints an inaccurate picture of the current real estate market. Now more than ever, consumers need all the facts to make the right personal decision about buying or selling a home.
The data speaks for itself. According to the National Association of Realtors (NAR), the national median home price was $195,600 in February 2008. By May, the index had risen to $208,700 - up $13,000 and a full 6.6 percent.
Another indicator of growing strength in the housing market is mean home price (or, average home price), which has improved from $242,000 in January of this year to $253,100 in May. In addition, the volume of home sales on an annualized basis is also on the rise - growing from 4.89 million homes in January 2008 to 4.99 million homes in May 2008.
Every local market is different. Here in Orange, we are seeing a 12 percent rise in average home price - from $267,090 in February to $300,315 in May. The number of homes sold in Orange County has also increased about 24 percent from January to May. This data specific to our market combined with the national third-party data points to improvements in the overall market.
Now is the time for headlines to reflect the facts.
Suzanne Brady
Locust Grove