Existing Home Sales Are Up....Or Are They?

The National Association of Realtors is reporting that existing home sales rose 5.5% in September which is 1.4% higher than September 2007. So did homes sales really increase in September. Possibly...my only concern is that buyers had a deadline of September 30, 2008, for seller funded down payment assistance programs. Congress outlawed these programs effective October 1, 2008. There was a surge of buyers using these programs in September. I am wondering if that caused the jump in existing home sales. Maybe...we will have to see if the trend continues in October.

Here are some numbers that do show a "bottoming out" effect of the market. The total housing inventory fell 1.6% in September which represents two consecutive monthly declines since it peaked in July. The national median existing home price is $191,600 which is down 9% from just 12 months ago. I believe this number will continue to drop to help clean out inventories.

Scott Eaves, Associate Broker
(404) 518-3820 - DIRECT
(404) 920-3439 - FAX
www.scottsellsatlanta.com

Keller Williams Realty/Atlanta Classic
3800 Camp Creek Parkway
Suite 18-100 Atlanta, GA 30331
(404) 564-9500