Ann Arbor Michigan Real Estate: Market Update from NAR – Existing Home Sales UP!
The news is hot of off the press and it is big and exciting!
The National Association of Realtors have released their monthly sales data offering for September 2009 and the news is fantastic.
Existing home sales in September bounced up steeply as first time homebuyers took advantage of the tax credit and were snapping up properties left, right and center! The increase was in five gains for the last six months!
Here are the numbers:
Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.
Lawrence Yun, cheif economist for NAR says that first time homebuyers of course boosted these figures dramatically and that in some areas price stabilization has been seen. A seperate study showed that in September 29% of figures were from distressed sales.
To continue the good news, this level of sales activity has effected inventory:
Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, which represents an 7.8-month supply at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago.
Locally in our region, existing-home sales in the Midwest jumped 9.6 percent in September to a pace of 1.25 million and are 7.8 percent above a year ago. The median price in the Midwest was $147,600
Remember if you wish to purchase a home and if your are a first time homebuyer there is still time to be eligble for the tax credit!
Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs.
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