Pending Sales: Skyrockets in Flight
By Greg Sax on Friday, October 10th, 2008
- Buyers took advantage of attractive home prices and a sunsetting federal loan programs in September.
- 4,036 pending sales in September, which is 42.2 percent higher than the 2,839 posted in September 2007. Closed sales were up 34.9 percent for the same time period comparison.
The last time there was a year-over-year pending sales increase even close to this large was in March of 1998 when the increase over March of 1997 was 38.6 percent. BUT…
- September 2007 was extremely slow, which makes these figures pop.
- There may have been extra "last call" buyers before the October 1 dissolution of the FHA-sponsored seller-funded downpayment assistance program.
- 41.6 percent of September’s pending sales were lender-mediated foreclosures and short sales, up from 17.5 percent in September 2007.
- The overall September median sales price of $189,900 fell from last year by 15.6 percent.
- Lender-mediated homes posted a median sales price of $146,000, a decrease of 11.5 percent from last year.
- Traditional properties had a September median sales price of $212,500, a decrease of 8.6 percent.
Finishing on a positive…
- The October 2008 Housing Affordability Index is up to 159, which is 21.4 percent higher than this time last year.
- This means a more accessible market for potential home buyers.
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