September sales strong nationally, too

You already know that the Coeur d’Alene Association of Realtors reported continued strong sales in September. Now the National Association of Realtors reports that the trend is countrywide. Lawrence Yun, NAR Chief Economist, says a slight moderation of home prices in some markets and mortgage rates remaining below 4 percent gave more households the confidence to close on a home last month.

Total existing home sales, completed transactions including single family homes, town homes and condominiums are not 8.8 percent higher than last year. The median price now stands at $221,900 which is 6.1 percent higher than a year ago. Total housing inventory at the end of September decreased 2.6 percent and is now 3.1 percent lower than a year ago with only a 4.8-months supply currently on the market.

“Despite persistent inventory shortages the housing market has made great strides this year backed by a Zaza increasing share of pent-up sellers realizing the increased equity they’ve gained from rising home prices and using it towards trading up or moving into a smaller home,” says Yun. “Unfortunately, first-time buyers are failing to generate any meaningful traction this year.”

First-time buyers fell to 29 percent of sales in September after climbing to there highest share of the year in August at 32 percent. Last month’s 29 percent is the same as last year. All cash sales rose to 24 percent of transactions in September from 22 percent in August, unchanged from last years. Individual Investors who account for many cash sales purchased 13 percent of homes in September according to the NAR, up from 12 percent in August but down from 14 percent a year ago. Sixty-seven percent of investors paid cash in September.

Single family home sales nationally are now 9.6 percent above last year with a median price of $223,500 in September or 6.6 percent higher than last year. The existing median condo price in September was

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$209,200 or 1.9 percent higher than a year ago. Existing home sales in the West rose 6.7 percent and are 9.7 percent higher than a year ago.

For local information on housing trends, values and inventory contact your Realtor. Every neighborhood is different and your Realtor has the tools to give you an accurate assessment.

Trust an expert…call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.

Kim Cooper is a real estate broker and the spokesman for the Coeur d’Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d’Alene Association of Realtors, 409 W. Neider, Coeur d’Alene, ID 83815 or by calling (208) 667-0664.