The number of homes sold during the month of September fell 12.4% compared to August and 13.1% below the level of home sales for September a year ago. Average listing price for sold units were down 6.2% from prior month and the average sold price decreased 6.0% below that of August figures. Home sales typically taper off in September reflecting a seasonal slowdown in buyer activity.
The average price reduction on contracted homes for the month was 10.5%, compared to 10.8% last month and 7.65% a year ago. This compares to as much as a 13% price reduction on homes for sale in other areas of the country as reported by Bloomberg.com.
New listing numbers shrank 5.1% while the listing price of new listings increased 2.8%. Pending sales figures fell, as well, by 9.7% from prior month. Withdrawn listings fell 9.7% while expired listings increased by a comparable 9.1%. Homeowners eager to sell before the prime season and tax credit expire are leaving their homes on the market for an extended period of time.
Realtor Magazine reports that now is an historic time to buy and it is a great opportunity to make some real equity gains on home purchases. There is talk that the first time homebuyer tax credit may be extended beyond the December 1st deadline. A movement is also afoot to make the tax credit available to all home buyers. Let’s hope that our lawmakers take the necessary steps to make that happen.
Chuck Webb, Wilkinson & Associates, www.ChuckWebb.net
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