The National Association of Realtors reported a 9.4 percent increase in sales of existing homes from August to September, the highest rate of sales in more than two years. Total housing inventory at the end of September fell 7.5 percent, a 7.8 month supply at current sales pace, down from a 9.3-month supply in August. The median existing-home price fell 8.5 percent in September from a year ago, to $174,900. Distressed properties accounted for 29 percent of sales and continued to downwardly distort  the median price Single-family home sales rose 9.4 percent from August to September, 7.7 percent  more than  a year ago.

Condominium and co-op sales were up 9.7 percent from August to September, a 21.2 percent increase from a year ago. The median existing condo price was $175,100 in September, down 11.7 percent from a year ago.

Sales in the Northeast increased 4.4 percent from August to September, an 11.8 percent increase from a year ago. The median price in the Northeast was down 7 percent from a year ago, to $234,700.

 And According to data released by the Rhode Island Association of Realtors today, Rhode Island existing single family home sales rose 27.9 percent in September and of days on the market dropped to 87 from a high of 109 earlier this year.  There is currently a 6.8 month supply of single family homes for sale, down from a 14-month supply in January.

This Week’s Real Estate Insight:

Early information from an annual NAR consumer study to be released Nov. 13 shows first-time home buyers accounting for more than 45 percent of home sales in the past year. The National Association of Realtors is lobbying for an extension of the first time homebuyer credit.  We Realtors believe that the extension is critical to continued recovery of the housing market.

I’m excited to say that we have entered a film into the 2009 REALTOR Party Video Contest! The contest was created to raise awareness in hopes to expand and extend the $8,000 First Time Home Buyer Tax Credit. The contest is being held on YouTube and ends October 16th. The winning video will be featured at NAR’s Annual meeting this November in San Diego.

Our two-minute video tells the story of local first time homebuyer, Andrea Larocque, and Kathy Vaillancourt of the Narragansett office. Andrea’s story is inspiring. She is a single mom who worked her way through school to become a radiology technician and struggled to get herself out of debt from her earlier full-time college days. She had spent the last couple of years looking for a home where she could raise her nine-year-old son, Isaiah.

Learn more about extending the Home Buyer Tax Credit.

Here’s our video: