Pending home sales are up for the fifth month in a row, nationally. This information is courtesy of a News Release by the National Association of REALTORS(R) on August 4. This statement is a result of the analysis of pending sales in June 2009 vs. June 2008. During this time period, the number of purchase agreements signed is up by 6.7%. This increase is again attributed to the $8,000 tax credit available to first time home buyers and to the availability of affordable housing.
To read the entire report please click here.
On a more local note, the under $100,000 market is selling strong in the Oakland, Macomb, Livingston, Washtenaw and parts of Wayne Counties (minus the City of Detroit and Gross Pointe areas). The median sales price in these areas (with the exception of Oakland county) continues to plummet, enabling the sell-off of these homes. This sector of the market continues to dominate the closed sales transactions with huge increases over this time last year. These same areas in the over $100,000 market are showing a decrease in the number of closed transactions over last July. Conversely, across the board there is a decrease in the number of homes for sale. The age old theory of supply and demand plays a major part in this market, these trends mark a small step in the direction of recovery.
To view the latest stats please click here.
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