Monday, February 22, 2010

Third Quarter 2009 Housing Sales

The National Association of Realtors reported that sales of existing homes were up 27.2% during the last three months of 2009 compared to the same period a year earlier, hitting a seasonally adjusted rate of 6 million homes sold.

That's a 13.9% increase from the 5.29 million annual rate seen during the third quarter, as home buyers moved to take advantage of low interest rates and a tax credit that was set to expire but was ultimately extended and expanded by Congress.

Sales increased from the third quarter to the fourth in 48 states and the District of Columbia, with 32 states seeing double-digit gains, NAR said. Year-over-year sales were higher in 49 states and Washington, D.C., and all but three states had double-digit annual increases.
Distressed property accounted for 32 percent of fourth-quarter transactions, down from 37% a year earlier.

The national median existing single-family price fell 4.1% year-over year to $172,900 -- the smallest price decline in more than two years, said NAR chief economist Lawrence Yun.

However, Rhode Island saw an increased in houses sold in December 2009. The number of single-family houses sold in Rhode Island and the median price for those houses rose when compared with December 2008, according to figures tabulated by the Rhode Island Association of Realtors. That followed a November that also saw prices and numbers sold increase from the same month a year ago, which broke a 39-month streak of lower prices.

December sales rose 19%, from 492 houses in 2008 to 583 houses in 2009, according to the Realtors Association. At the same time, the median sales price rose 5%, from $190,000 to $200,001.

Let's hope this trend continues and that it means that the Rhode Island residential real estate market may be recovering after a three-year slump.

For all your Real Estate questions and need, contact me at 401-338-5102.