Markets roared in October with best year over year showing in 4 years. All regions up in unit sales and slower price declines
November 13, 2009 Denver, CO – October 2009 housing sales exploded to new levels with all four regions showing strong increases in unit sales and slowing price declines. Unit sales for the nation in October 2009 were up 14.0 percent over October 2008 results. The strongest region for unit sales growth was the South with October 2009 unit sales up 18.5 percent over October 2008; the Northeast showed an increase of 16.3 percent and the Midwest was up 13.6 percent. The Western region that had showed the strongest year over year comparisons for the last year showed unit increase of 7.7 percent.
Price declines slowed as well. The national average price for homes sold in October 2009 was down 8.1 percent, a measurable improvement over the September 2009 results when prices were down 9.8 percent from a year ago. The best region as the Northeast where prices were down only 4.2 percent comparing October 2009 to October 2008; the Midwest showed price declines of only 6.5 percent while the South showed price declines of 6.8 percent. The Western region showed the largest average price decline at 10.4 percent but still a huge improvement over the previous month’s report.
“October 2009 results were the best that have been recorded in nearly four years topping even the improved results in the September 2009 report. Unit sales strength was across the board with every region showing improvement in October 2009 sales over the September 2009 results”, said Steve Murray, editor of REAL Trends. “Unit sales have firmed up five months in row with October showing positive improvements in every region. Price declines are measurably less than they were than in the first 9 months of the year with every region showing improvement.”
“Near record low interest rates and the federal and state first time homebuyer tax credit are for the time being doing the job of assisting the housing economy. The pending expiration of the tax credit had a significant impact on these results. The extension through next spring should have a positive impact on housing sales through the 4th quarter of 2009 and the first quarter of 2010. The expansion to move up buyers should provide additional stimulus to keep the housing market on the road to improving results.
Housing Market Report
October 2009 September 2009
(Versus same month a year ago)
Closed Sales AVG Price Closed Sales AVG Price
National
+14.0% -8.1% +4.9% -9.8%
Regional Report
Northeast
+16.3% -4.2% +9.4% -10.9%
South
+18.5% -6.8% +6.1% -8.9%
Midwest
+13.6% -6.5% -3.3% -6.8%
West
+7.7% -10.4% +7.2% -13.2%
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