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Home Transactions Drop 14.6% in September but Remain Higher than Last Year
Home Transactions Drop 14.6% in September but Remain Higher than Last Year
Home Transactions Drop 14.6% in September but Remain Higher than Last Year
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October 14, 2011 (Jeff Alan)

Closed transactions of home purchases plummeted 14.6 percent in September but were still 7.6 percent higher than in September 2010 according to RE/MAX’s National Housing Report (NHR).

Forty-four out of the 53 metro areas in the report posted year-over-year increases in closed transactions. Last month 47 of the metro areas posted sales increases. Des Moines, IA (+31.3%), Minneapolis, MN (+30.1%), Wilmington, DE (+28.4%), Trenton, NJ (+27.3%), and Providence, RI (+23.5%) recorded the highest gains in closed transactions in September.

The median sales price of a home declined 2.5 percent from $189,831 in August to $183,762 in September and was 3.3 percent lower than the median sales price of $190,035 in September 2010.

The year-over-year median price difference has improved every month for the last six months. In August the price difference from the previous year was 3.6 percent.

Seventeen of the 53 metro areas posted higher sales prices in September than they did a year earlier, up from ten metro areas last month. The areas that posted the largest price gains were Detroit, MI (+13.4%), Miami, FL (+8.4%), Orlando, FL (+7.8%), Anchorage, AK (+5.1%), and Indianapolis, IN (+4.5%).

The average number of days it took to sell a home in September was 94, which was up from 90 days in August. The slowdown in sales in September resulted in the average months supply of inventory increasing to 7.4 months, up from 6.8 in August but down from a 9.8 months supply of homes in September 2010.

The average monthly inventory of homes for sale decreased for the 15th straight month, possibly due to the decreasing number of foreclosures coming onto the market, but the declining inventory can’t make up for the seasonal drop in sales which is why the average month’s supply of inventory decreased.

For all 53 metro areas, the average monthly inventory of homes for sale declined by 4.8 percent and is 20.2 percent lower than in September 2010.

“It’s a good omen that home sales remained at a level higher than last year, and if this pace continues, we would hope to see prices start to rise too,” said Margaret Kelly, CEO of RE/MAX, LLC. “The market is trying hard to recover, and favorable policies from Washington would reduce the possibility of a further decline.”

Tags: RE/MAX, home sales, home prices, National Housing Report, seasonal trends, closed transactions, median sales price

Source:
RE/MAX

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Helpful Tools
Mortgage
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Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
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15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

October 14, 2011 (Jeff Alan)

Closed transactions of home purchases plummeted 14.6 percent in September but were still 7.6 percent higher than in September 2010 according to RE/MAX’s National Housing Report (NHR).

Forty-four out of the 53 metro areas in the report posted year-over-year increases in closed transactions. Last month 47 of the metro areas posted sales increases. Des Moines, IA (+31.3%), Minneapolis, MN (+30.1%), Wilmington, DE (+28.4%), Trenton, NJ (+27.3%), and Providence, RI (+23.5%) recorded the highest gains in closed transactions in September.

The median sales price of a home declined 2.5 percent from $189,831 in August to $183,762 in September and was 3.3 percent lower than the median sales price of $190,035 in September 2010.

The year-over-year median price difference has improved every month for the last six months. In August the price difference from the previous year was 3.6 percent.

Seventeen of the 53 metro areas posted higher sales prices in September than they did a year earlier, up from ten metro areas last month. The areas that posted the largest price gains were Detroit, MI (+13.4%), Miami, FL (+8.4%), Orlando, FL (+7.8%), Anchorage, AK (+5.1%), and Indianapolis, IN (+4.5%).

The average number of days it took to sell a home in September was 94, which was up from 90 days in August. The slowdown in sales in September resulted in the average months supply of inventory increasing to 7.4 months, up from 6.8 in August but down from a 9.8 months supply of homes in September 2010.

The average monthly inventory of homes for sale decreased for the 15th straight month, possibly due to the decreasing number of foreclosures coming onto the market, but the declining inventory can’t make up for the seasonal drop in sales which is why the average month’s supply of inventory decreased.

For all 53 metro areas, the average monthly inventory of homes for sale declined by 4.8 percent and is 20.2 percent lower than in September 2010.

“It’s a good omen that home sales remained at a level higher than last year, and if this pace continues, we would hope to see prices start to rise too,” said Margaret Kelly, CEO of RE/MAX, LLC. “The market is trying hard to recover, and favorable policies from Washington would reduce the possibility of a further decline.”

Tags: RE/MAX, home sales, home prices, National Housing Report, seasonal trends, closed transactions, median sales price

Source:
RE/MAX

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

October 14, 2011 (Jeff Alan)

Closed transactions of home purchases plummeted 14.6 percent in September but were still 7.6 percent higher than in September 2010 according to RE/MAX’s National Housing Report (NHR).

Forty-four out of the 53 metro areas in the report posted year-over-year increases in closed transactions. Last month 47 of the metro areas posted sales increases. Des Moines, IA (+31.3%), Minneapolis, MN (+30.1%), Wilmington, DE (+28.4%), Trenton, NJ (+27.3%), and Providence, RI (+23.5%) recorded the highest gains in closed transactions in September.

The median sales price of a home declined 2.5 percent from $189,831 in August to $183,762 in September and was 3.3 percent lower than the median sales price of $190,035 in September 2010.

The year-over-year median price difference has improved every month for the last six months. In August the price difference from the previous year was 3.6 percent.

Seventeen of the 53 metro areas posted higher sales prices in September than they did a year earlier, up from ten metro areas last month. The areas that posted the largest price gains were Detroit, MI (+13.4%), Miami, FL (+8.4%), Orlando, FL (+7.8%), Anchorage, AK (+5.1%), and Indianapolis, IN (+4.5%).

The average number of days it took to sell a home in September was 94, which was up from 90 days in August. The slowdown in sales in September resulted in the average months supply of inventory increasing to 7.4 months, up from 6.8 in August but down from a 9.8 months supply of homes in September 2010.

The average monthly inventory of homes for sale decreased for the 15th straight month, possibly due to the decreasing number of foreclosures coming onto the market, but the declining inventory can’t make up for the seasonal drop in sales which is why the average month’s supply of inventory decreased.

For all 53 metro areas, the average monthly inventory of homes for sale declined by 4.8 percent and is 20.2 percent lower than in September 2010.

“It’s a good omen that home sales remained at a level higher than last year, and if this pace continues, we would hope to see prices start to rise too,” said Margaret Kelly, CEO of RE/MAX, LLC. “The market is trying hard to recover, and favorable policies from Washington would reduce the possibility of a further decline.”

Tags: RE/MAX, home sales, home prices, National Housing Report, seasonal trends, closed transactions, median sales price

Source:
RE/MAX

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

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