Total units closed in September 2009 was up 1% over August and 2% over September 2008. However, the dollar volume and average / median sales prices were down 4%. This indicates strength in the lower price ranges and a continuing weak market in upper-end homes.
Average interest rates held steady, just under 5½%.
The selling price to listing price percentage was 97%. Days on market was 79.
Inventory continues to shrink — down 18% from a year ago.
Month’s supply of homes is down to 5.5. 6 is considered a normal market.
With little more than a month left of the $8k first-time-buyer’s tax credit, it’ll be interesting to see the numbers in the market to follow!