Fall is coming and the season is set to change. Housing information is changing as well. Potentially driven by the 8,000 tax credit and backed by a slowly rebounding economy, the housing market is working it's way back to pre-collapse status. It's not a huge adjustment upward, but the trending supports a forecast of reducing inventory and correcting back to a seller supported market. With the deadline for the tax credit quickly approaching, it's indicative of the trend continuing through the end of the year. It will be interesting to see how the market will reactif the Fed decides not to extend the tax program.
The charts below are provided by Altosresearch.com They give an up to date view of property values and inventory.
Trending of both inventory is decreasing, median price increasing (ironically, Plano has seen minimal disruption from the housing market bursting), and average days on market taking a major down turn. Not to say we are out of the housing dilema, but with rates perched at a high 4% again and a backed up market starting to move, it should equate to a strong finish in 2009.
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