Weekly Market Activity Report 12.8.08

By MAAR on Monday, December 8th, 2008

As we mentioned last week, the presence of Thanksgiving in our reporting dates is throwing off the weekly numbers considerably for last week and this week. After last week's numbers showed massive increases in listings and sales over last year, this week's numbers predictably show large decreases. For the week ending November 29, new listings fell by 45.2 percent compared to last year, while pending sales fell by 20.5 percent. Check back next week when we return to a more reliable year-over-year comparison.

This week's edition of the Weekly Market Activity Report features updated figures for some important metrics. The Housing Affordability Index shot up 19 points to 180 thanks to the recent healthy declines in mortgage interest rates and a continued softening in home prices; the HAI has not been this attractive since we began tracking data in 1990. Days on Market Until Sale grew to 149, nearly dead-even with last year, while Percent of Original List Price Received at Sale fell to 90.1 percent. The Months Supply of Inventory slipped to 8.5 months, and has dropped 19 percent since August's showing of 10.5 months. This is 8.6 percent lower than at this time last year.

Click here for the full Weekly Market Activity Report.

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