RE and economic charts: NAR: Sept Existing Home Sales Jumped 10%, Largest Jump in 28 Years

Wednesday, October 27, 2010

NAR: Sept Existing Home Sales Jumped 10%, Largest Jump in 28 Years

[mEDITate-OR:

not see that what "They" think they see is smoke and mirrors...

IF there really were that many increased sales, two things WILL happen:

FIRST, the banks will add more REO inventory to the mix.

AND

SECOND, the people who tried to sell during the 2 tax credit programs, but could not; WILL be back into the market to try again.

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But, note, the prices for homes are DOWN in all areas according to NAR. And, falling, again, this month.

And, note, the inventory is still 10 months.

But, note, the inventory of "foreclosed priced" home is way less.

While the inventory for high priced homes is way more.

In some areas the supply of higher priced home is YEARS...

not months.

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IS this a good time to buy?

IF you have a job and want to move up, and cherry pick - yes.

IF you need to move to take a new job, and cherry pick - yes.

For all the rest of U.S., no.

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relevant numbers:
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The national median existing-home price for all housing types was $171,700 in September, which is 2.4 percent below a year ago.
Distressed homes accounted for 35 percent of sales in September compared with 34 percent in August; they were 29 percent in September 2009.
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The median existing single-family home price was $172,600 in September, down 1.9 percent from a year ago.
The median existing condo price was $165,400 in September, down 6.2 percent from September 2009.
The median price in the Northeast was $239,200, which is 1.4 percent below a year ago.
The median price in the Midwest was $139,700, down 5.2 percent from September 2009.
The median price in the South was $149,500, down 2.6 percent from a year ago
The median price in the West was $213,600, which is 4.9 percent lower than September 2009
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first-time buyers purchased 32 percent of homes in September, almost unchanged from 31 percent in August.
Investors were at an 18 percent market share in September, down from 21 percent in August
the balance of purchases were by repeat buyers.
All-cash sales were at 29 percent in September compared with 28 percent in August
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Total housing inventory at the end of September fell 1.9 percent to 4.04 million existing homes available for sale, which represents a 10.7-month supply at the current sales pace, down from a 12.0-month supply in August.
Raw unsold inventory is 11.7 percent below the record of 4.58 million in July 2008.
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