News Release

The median single-family home sale price and unit sales both increased in the Capital Area during September 2009, according to the Capital Area Association of REALTORS® (CAAR) Multiple Information Service.

Home sales in the Capital Area during the month of September amounted to 364 units, reflecting an increase of 14.1 percent over September of 2008.  Year-to-date home sales through September of 2009 revealed 2,770 unit sales, down 0.9 percent from year-to-date through September of 2008.

For the month of September 2009, the median home sale price (for all single-family homes and condominiums) was $109,000, reflecting an increase of 7.9 percent from the $101,000 September 2008 median price.   The median sale price for year-to-date through September 2009 was $110,000, reflecting an increase of 4.8 percent over the same period in 2008.  The median is a typical market price where half the homes sold for more, half sold for less.

According to CAAR president, Linda Nelson, GRI, GREEN, e-PRO, "The Capital Area housing market is very robust right now which is illustrated by the fact that home sales have increased year-over-year in the month of September for the fourth straight month.  September home sales were the best since 2004 and the third best on record.  Overall, prices have been holding up fairly well also with the median home sale price having increased in six of the last nine months." said Nelson.

The inventory of homes for sale at the end of September was 1,611, reflecting a 28.2 percent decrease from the 2,065 homes for sale during the same time last year.  Current inventory levels stand at 1,563 homes, which continues at a four year low.  The current inventory level reflects a 5.4 month supply at the average monthly sales pace for the past twelve months.

The number of sales pending at the end of September was 328, reflecting a 3.8 percent increase over the 316 sales pending at the same time in 2008.  The average cumulative days on market in September of 2009 was 83 days reflecting a decrease of 13 days from the same month in 2008 and a decrease of 15 days from August of 2009.  The average cumulative days on market for year-to-date through August of 2009 was 110 days, reflecting an increase of 4 days from the same period in 2008.

"During the month of September the $80,000-119,999 range was the fastest moving price range.  In terms of the sheer number of units sold the $80,000-$159,999 price range was the most active.  The $200,000 to $259,999 price range was very strong as well, said Nelson.

"Those first-time homebuyers that have recently entered into a contract to purchase are now racing against the clock to get their transaction closed by November 30, 2009 in order to take advantage of the first-time homebuyer tax credit.  For those who haven't entered into a sales contract already it would be very difficult at this point to make the deadline," said Nelson.

"Unless we have turned the corner and are on our way toward a self-sustaining recovery in the housing market we'll likely see sales decline when the tax credit expires.  As a result, REALTORS have been working hard to urge Congress to extend the tax credit beyond the fast-approaching deadline of December 1 to enable more people to take advantage of it and to help sustain the housing recovery," said Nelson.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 5.06 percent in September 2009, down from the 6.04 average rate during September of 2008.