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Weekly Market Activity Report
We're used to seeing housing activity slow down at this time of year. Trouble is, this seasonal slowdown is amplified when compared to a front-loaded 2010 selling season and a comparably strong tax-credit-driven 4th quarter 2009 selling season. The net effect is that year-over-year changes are comparing an incentive period to a non-incentive period. Keep that in mind in the coming weeks when looking over the latest housing market figures.
For the week ending October 2, sellers placed 5.3 percent fewer homes on the market. In sum, 1,541 new properties came online during the week. By comparison, over the past three months, the average decline between this and last year's activity is 9.1 percent.
The 630 pending sales during the week were 39.6 percent fewer than the same week last year. Since the second week of June, the percentage decline in buyer activity from the same week last year has ranged between 48 and 34 percent. That's not a pretty picture for the most recent four-month period.
Inventory continued along its growth path, checking in at 27,033 as of October 12. This was an 11.0 percent increase over last year at this time, which is the largest increase since the final week of January 2008. Market times and negotiations are starting to reflect this trend.
We're used to seeing housing activity slow down at this time of year. Trouble is, this seasonal slowdown is amplified when compared to a front-loaded 2010 selling season and a comparably strong tax-credit-driven 4th quarter 2009 selling season. The net effect is that year-over-year changes are comparing an incentive period to a non-incentive period. Keep that in mind in the coming weeks when looking over the latest housing market figures.
For the week ending October 2, sellers placed 5.3 percent fewer homes on the market. In sum, 1,541 new properties came online during the week. By comparison, over the past three months, the average decline between this and last year's activity is 9.1 percent.
The 630 pending sales during the week were 39.6 percent fewer than the same week last year. Since the second week of June, the percentage decline in buyer activity from the same week last year has ranged between 48 and 34 percent. That's not a pretty picture for the most recent four-month period.
Inventory continued along its growth path, checking in at 27,033 as of October 12. This was an 11.0 percent increase over last year at this time, which is the largest increase since the final week of January 2008. Market times and negotiations are starting to reflect this trend.
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