NAR released the Existing Home Sales for September, which were up an impressive 9.4% from August to a seasonally adjusted rate of 5.57 million units. This represents a 9.2% higher rate than September of 2008. Inventory fell 7.5% to a 7.8 month supply, down from a 9.3 month supply in August and 15% lower than inventory a year ago. Read NAR’s press release.
NAR Chief Economist Lawrence Yun said, “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing up many sellers to make a trade and buy another home.” Affordability conditions this year are the highest since the data was first recorded in 1970.
Early next week the U.S. Senate will be voting on two amendments that would extend the first-time homebuyer tax credit. Of the amendments that will be proposed, NAR is supporting only the bipartisan Dodd-Lieberman-Isakson Amendment. This amendment allows an $8,000 credit to ALL homebuyers with income limits of $150,000-$300,000 and would expire on June 30, 2010.
September National Sales.
- Existing Home Sales: Up 9.4% from August at an annualized rate of 5.57 million units, and 9.2% higher than September 2008.
- Inventory: Down 7.5 % to 3.63 million units, an 7.8 month supply, 15.0% lower inventory than September 2008.
- Median Price: $174,900 down 8.5% from September 2008 (All residential types)
- West: Up 13.0% from last month and up 5.7% from last year. Median price = $219,000, down 15.0% from September 2008
- Midwest: Up 9.6% from last month and up 7.8% from last year. Median price = $147,600, down 1.0% from September 2008
- South: Up 9.0% from last month and up 10.8% from last year. Median price = $153,500, down 7.6% from September 2008
- Northeast: Up 4.4% from last month and up 11.8% from last year. Median price = $234,700, down 7.0% from September 2008.
September Practitioner Survey of NAR Members
– Distressed properties make up 29% of all sales.
– First Time Home Buyers constitute 45% of all transactions so far this year.
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