October Resales finished the last week with good pace, bringing the total to 5,293. That is far off the pace of September, but given the financial crisis, and typical seasonal weakness, I was pleasantly surprised. I had expected we could actually fall short of the 5,000 sales, so crossing 5,000 substantially is good news. Extrapolated over a year, that would be 63,516 sales-not a bad year, but large numbers of listings color it poorly.
Single Family Resales in October: 4,790
Here are the weekly figures through November 2nd:
Pending Sales: 6,085 ( -430 from last week)
AWC: 986 ( -61 from last week)
Closed Escrows (10/27-11/2) 1,609 ( +643 from last week)
Year to Date: 49,620
Active Listings: 53,852 ( -291 from last week)
Single Family Stats
Pending Sales: 5,540 (-384 from last week)
AWC: 898 ( -60 from last week)
Closed Escrows: 1,476 ( +604 from last week)
Active Listings: 44,354 ( -226 from last week)
I am not going to go over this too much, but the last week of October was good enough to put us over 5,000 sales for the week. It is better than I expected, but not up to the September tally, which was nearly a 1000 more. Not a bad month, considering the credit crisis that hit us in late september. This level through the end of the year would be acceptable, and we could look for an upturn in March as seasonal figures improve.
There is not too much to glean from the pendings and AWC- they are down as normal after the last week of the month. Listings fell slightly but no where near I would like them to fall. It might help that Chase bank is suspending foreclosures temporarily and attempting workouts with many people-that might mean less homes going on the market. Statistically it might not be visible, but if more of the banks do that, it could cut inventory substantially.
I will comment more next week.
chris
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