Existing Home Sales Report October 2009

By Editor · on November 23rd, 2009 ·

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Diana O’lick of CNBC reports that Existing Home Sales jumped 10.1% in October.  Nearly 6.1 million Units sold which is up 23.5% from October, 2008, or year to year.  These numbers both mark record highs.

Home Sales were Up:

11.6% in the Northe East

14,4% in the Mid West

12.7% in the South

1.6% in the West

The median home price is $173,000, which is down 7.1% from a year ago.  Inventories fell 3.7% to 3,57 million homes which makes up a 7 month supply.  this marks the lowest inventory levels in 2.5 years.

Distressed Properties are still making up 1/3 of all home sales.  First Time Home Buyers are making up 33% – 40% of all home sales.  One good sign we are seeing is that home sales are increasing in the fall and winter months which is traditionally the slow season.

We are finally seeing some movement in the 250K – 500k range.  We are even seeing some inventory move in the 500k – 750k market.  However, above that not much change.

Here in Northern Virginia, we are seeing very low inventories.  We are seeing low end and distressed properties moving.  We are seeing First Time Home Buyers having to compete for these low end priced homes with investors you are offering banks all cash offers.  Some Home Buyers are having to make offers on multiple homes before they received an accepted offer.  The Northern Virginia Real Estate Market has also seen home prices fall as well just like they are nationally.

Northern Virginia Real Estate Times

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This entry was posted on Monday, November 23rd, 2009 at 10:21 am and is filed under Alexandria Virginia Home Sellers, Arlington County Virginia Home Sellers, Ashburn Virginia Home Sellers, Clarke County Virginia Home Sellers, Fairfax County Virginia Home Sellers, Fauquier County Virginia Home Sellers, Frederick County Virginia Home Sellers, Loudoun County Virginia Home Sellers, Northern Virginia Home Sellers, Prince William County Virginia Home Sellers, Washington DC Home Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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