Local metro areas around the country are starting to report this week on home sales for the month of September, and the positive news about the U.S. housing recovery continues, with more homes being sold faster at higher prices in many markets, see a sample below (along with some other real estate news):
1. Charlotte-area home sales and the median sales price rose in September, by 14% and 6.7% respectively, compared to last year. Pending home sales were up by 36.1%, average time on the market fell by 15 days, and the sales price as a percent of list price increased to 91.9%, all compared to the same month last year.
2. Nashville home sales were up 24% in September vs. last year, and the median sales price increased by 7.4%. The average home sold in 82 days in September, down from 94 days a year ago.
3. North Texas home sales (Dallas-area) increased by 10% in September and the median sales prices also increased 10% from a year ago. Average marketing time was down to only 69 days for September home sales, down from 90 days a year ago.
4. Las Vegas median home prices were up 13.5% in September year-over-year, which was the 8th straight monthly increase, and the longest run of gains since 2004.
5. CoreLogic: Residential shadow inventory (homes that are either in foreclosure and have not yet been sold, or homes that owners are delaying putting on the market until prices improve) fell in July to 2.3m homes, a 10.2% drop from a year ago, and the lowest level since Mar 2009 (see chart above).
6. Redfin is reporting that customers requesting home tours increased 3% in September, and customers signing offers were up 4%,which suggests that October sales will be better than expected. Redfin’s CEO commented that “as rising prices draw more inventory onto the market, and as credit starts to ease, demand will likely increase in 2013 rather than decrease.”
7. Pending home sales in Massachusetts: “The number of signed purchase and sale agreements for single-family homes last month was 4,091, a 26 percent increase over the 3,245 homes under agreement in the year-earlier period. Condos put under agreement in September totaled 1,570 units, up 48 percent compared to September 2011 when 1,058 units were recorded.”
8. The Twin Cities housing market continued to improve in September, with more homes sold in less time at higher prices. The median sales price for Twin Cities homes rose 12.3% in September year-over-year, the seventh straight monthly price increase. The average time on the market for houses sold in September was down to 101 days, compared to 142 days last year, and the fastest selling time in the Minneapolis area since at least 2006.