|NAR: Sales Down from Jan., Up from Feb. ’09|
The National Association of Realtors today reported a .6% drop in February Existing Home Sales, indicating that economic issues like unemployment and tight lending may be overpowering the impact of the Homebuyer Tax Credit. Sales, however, were 7% higher than in February 2009.
Inventory increased from last month, while prices appear to be stabilizing, with decreasing losses from a year ago in most regions.(Read an AP news story on msnbc.com.)
The AP-RE/MAX Monthly Housing Report mirrored NAR’s report in Inventory and Prices, showing an 8.8-month supply of inventory and a marginal price decline of .48%. However, the AP-RE/MAX report of 54 metro areas demonstrated a more impressive 8.8% monthly increase in sales.
1. February Inventory = 3,590,000; +9.5% from January and -5.5% from February 2009
2. Month’s Supply = 8.6 months
February Practitioner Survey:
1. Distressed Properties made up 35% of all sales.
2. First-Time Buyers purchased 42% of all homes sold.
3. Investors accounted for 19% of all transactions.
Mortgage Interest Rates:
1. Febraury 2010 = 4.99%
2. January 2010 = 5.03%
3. February 2009 = 5.13%
(National average commitment rate from Freddie Mac)
Information obtained from the RE/MAX International Mainstreet site. Compliments of RE/MAX 4000.