“What a difference a deadline makes: existing home sales rocketed higher in October to the fastest pace since February 2007 after buyers flooded back into the markets ahead of the original November 30th deadline for homebuyer tax credits.  

That the credits were extended made no difference for soon-to-be homeowners who needed to pen contracts by September 30th to make it under the wire.  Ironically, it seems that this deadline is far more effective in guiding behavior than the actual tax credit itself. 

While housing inventories continued to liquidate, and the months’ supply of homes on the market retreated to the lowest level since early 2007, we’re seeing initial signs of greater supply coming on line.  Price stability led to an increase in new listings of 363,000 during the month.  Markets are self-correcting, and this rocket ship of existing home sales is going to meet with atmospheric resistance by year end.” -Guy LeBas, Housing Economist at Janney Montgomery Scott.

As a summary of NAR’s report…

·                     Distressed properties made up 30% of all October sales.

·                     13% of Successful First Time Home Buyers who had a previous deal fall through.

October National Sales

·         Existing Home Sales: Up 10.1% from September  at an annualized rate of 6.10M units, up 23.5% from last year.

·         Inventory: Down 3.7 % to 3.57M units (a seven month supply), down 14.9% from last year. 

·         Median Price: $173,100, down 7.1% from last year.

Regional Sales

·         Midwest: +14.4% from September, and +28.8% from 2008.  Median price=$146,600, down 1.1% from last year. 

·         South: +12.7% from September, and +25.7% from 2008.  Median price=$151,100, down 6.3% from last year.

·         Northeast: +11.6% from September, and +27.7% from 2008.  Median price=$235,400 down 2.6% from last year.

·         West: +1.6% from September, and +12.0% from 2008.  Median Price=$220,200 down 14.7% from last year.

Read NAR’s press release at http://www.realtor.org/press_room/news_releases/2009/11/record_big.

To download my Exclusive Short Sale Report, go to www.sellidaho.com  where you can search Idaho Real Estate and find Nampa Homes for sale by searching Idaho MLS.

Contact Nampa, Idaho Realtor, Don Wixom with RE/MAX Advantage for all of your Idaho Real Estate needs.