PENDINGS DOWN, ACTIVES UP
Pending: 6,460 ( -555 from last week)
Active with Contingency: 1,006 ( -35 from last week)
Closed Escrows: 1,791 ( +234 from last week)
Active Listings: 52,870 ( +127 from last week)
Closed MTD (10.5.08): 615
SINGLE FAMILY STATS
PENDING: 5,844 ( -430 from last week)
AWC: 932 (N/A)
CLOSED ESCROWS: 1,620 ( +192 from last week)
ACTIVE LISTINGS: 43,441 ( +186 from last week)
MTD CLOSINGS: 553
The beginning of the month was a short week, so not very much to glean from the activity either way. The closings include the end of the month, so they are artificially high. The disturbing trend to me is that despite the large amount of sales, the number of listings actually went up at the end of the month. Too many homes still on the market, and going on the market, and that is something that will put off a housing recovery. If we have blockbuster sales of 8,000 a month through the fall, which I don't see happening, 40K single family homes on the market would be okay. But there is nothing pointing in that direction, as I am sure most of you know.
September was a very good month, but we have now gotten into the heart of this credit crisis, and it is very difficult to say where things go from here. I will be watching the pendings next week, and seeing if that number rebounds, as well as the active with contingency. AWC's are already at their normal level, but if they increase a bit, that will be a good sign that there are still people out hunting for homes, despite the negative news. All I can say is that I hope that trend will continue.
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