Third Quarter Existing Homes Sales Increase 11.4 Percent, Prices Drop 11.2 Percent
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With stimulus provided by the new homeowners tax credit, we saw an increase in home sales in the 3rd Quarter of 2009. That is the good news. The bad news, prices dropped 11.2 percent from 2008 levels, ones anyone who watches real estate know were anemic.
Prices did rise in 30 of the 153 metro areas so that is a glimmer of hope, but the overall sales were on the lower end of the marketplace and directly related to the stimulus. That is the good news, the okay news is we have a new stimulus. The bad news is many of these sales are ones pulled forward and that we will have a market dip when the government supported gravy train ends.
Of course, inflation may be rampant then so housing prices may increase with the weaker dollar. I know, color me an optimist.
During the third quarter, 123 out of 153 metropolitan statistical areas reported lower median existing single-family home prices in comparison with the third quarter of 2008, while 30 areas had price gains.
The national median existing single-family price was $177,900, which is 11.2 percent below the third quarter of 2008; the median is where half sold for more and half sold for less. Distressed sales – foreclosures and short sales – accounted for 30 percent of transactions in the third quarter, which continued to weigh down median home prices because they sell at a discount relative to traditional homes. via NAR.
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Comment by Bob on 10 November 2009:
We have seen sales increases in the East Bay area as well and prices down from the same time last year but up from month to month over the last few months. At the low to mid price points we are seeing bidding wars because inventory is only at 45% from the previous year. It will be interesting to see what happens if/when interest rates rise, more REO’s are listed, and the Tax Credit goes away.
Comment by Portland Real Estate on 11 November 2009:
Home prices will probably continue to drop. The economy and the housing market are just too big to do a full turn around in one year. -Tyler
Comment by Santa Clarita gay realtor on 13 November 2009:
The real state industry is very unpredictable. If it drops right now,real state businessmen can think or adapt new ideas to cope up with the downfall in spite of economy’s status.
Comment by Ron on 13 November 2009:
Prices in New York were down at one point but are pretty much back around normal right now. I was able to get some great deals on investment properties just outside the city and went through a smaller lender who was able to get me direct financing (Intercontinental Capital Group). I think it will take a little while for these areas to bounce back, but if you’re in it for the long haul it’s a good nest egg.
Comment by Randi Thornton on 1 December 2009:
Can’t wait until this all turns around!