Although we can't yet say what the long-term effects of the tax credit will be, one week after its expiration, market activity has clearly slowed down. Were at 5,183, the highest on record since data began being tracked in 2003.
For the week ending May 8, there were 1,846 contracts written, a significant decrease versus the week prior and down 31.8 percent over last year.
For the first time since February, New Listings dropped 6.2 percent year-over-year to 4,034. Inventory also fell 16.6 percent from last year to 57,508 units, almost perfectly aligned with the 3-month average.
The Days on Market metric has been trending downward since its high-point in January. For this cycle, it registered at 78 days for a nice 29.0 percent decline over the same period in 2009. Sellers continue to receive a greater share of their asking price relative to last year; it
currently sits at 94.6 percent.
We are are still forecasting slower sales figures since would-be buyers have been shifted forward to take advantage of the tax credit. We'll also keep a close eye on mortgage rates.
For the week ending May 8, there were 1,846 contracts written, a significant decrease versus the week prior and down 31.8 percent over last year.
For the first time since February, New Listings dropped 6.2 percent year-over-year to 4,034. Inventory also fell 16.6 percent from last year to 57,508 units, almost perfectly aligned with the 3-month average.
The Days on Market metric has been trending downward since its high-point in January. For this cycle, it registered at 78 days for a nice 29.0 percent decline over the same period in 2009. Sellers continue to receive a greater share of their asking price relative to last year; it
currently sits at 94.6 percent.
We are are still forecasting slower sales figures since would-be buyers have been shifted forward to take advantage of the tax credit. We'll also keep a close eye on mortgage rates.
