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.

According to The Rhode Island Association of Realtors, September single family sales were  up 6.4% from last year.  Pending sales were up  26.3%,  marking the sixth month of increases in the pending . 29 % of single family sales involved foreclosures and short sales. This is refeclted in the average sale price,  down 20.4%, to $219,000 from $275,000 in September 2007.  The September median price of non-distressed properties was $250,000, the same as 2003’s median price. September statistics show the inventory of single family homes decreased 5.7% year to year falling from 6862 active listings in September 2007 to 6472 listings in September 2008.
Multi-family sales increased  100%!. The September 2008 median price of $135,000 for multi-family properties fell  from $253,900 in September 2007. 66% were distressed properties( short sales or foreclosures). The September median non-distressed sale price was $214,000.

Condo Sales were down  18.3% from September 2007 to September 2008. The median price fell 11.6 % from $215,000 last year to $190,100 this year,  Only 13 of the 94 condo sales in September involved distressed sales.
This Week’s Real Estate Insight:

 With job losses mounting, recovery is still far away, but falling inventory and an increase in pending sales are generally good signs  of a  housing recovery. 

 

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