The numbers come from the RMLS, regional multiple listing service and are deemed reliable but not guaranteed. I gather the numbers each month and put them in a spread sheet so I can make these little tables each month. Many of my readers like to see them broken down by neighborhood, I suspect they are the most interested in their own neighborhood. Real estate really is local . . very local.
As I mentioned yesterday there is a slight increase in pending sales and in sales, probably because of those buyers wishing to take advantage of the 8,000 dollar tax credit. For the first time in four months the average sale price went down. There are seasonal variations and one months worth of data doesn't really mean much.
The inventory of homes on the market continues to decline. I have been saying that for months. The number of homes that were put on the market is a little higher this month than last month but the increase in sales wiped out any increase in inventory.
Home buying and selling slows down in the fall and over the holidays it is really slow. During the next three months it is likely that the inventory of homes on the market will shrink, and the number of new listings and home sales will decrease. Average sale prices are usually lower at the end of the year than they are in the middle of the year. If I were to make a prediction . . I guess I am making a prediction, I think they will remain stable until the end of the year unless something changes like war, natural disaster or a significant increase in the number of people who are unemployed.
I think you make a good intuitive call about sale prices remaining relatively stable till the end of the year. I imagine that if the government doesn’t renew the tax credit, you’ll see some more drastic changes in the first-time-buyer market as winter starts to creep away.