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Existing Home Sales Jump; Housing Market Shows Spark

Existing Home Sales (Sept 2009-Sept 2010)Existing home sales jumped 10 percent in September, the biggest monthly jump on record and a signal that the housing market may be returning to a normal sales pattern post-$8,000 federal tax credit.

Existing Home Sales counts home resales (i.e. not new construction) and 80 percent of home resales close within 45-60 days. It’s no surprise, therefore, September’s data is strong.

Throughout the July and August, mortgage rates were in free-fall, pushing home affordability to near-record levels. Concurrently, the number of homes available for sale climbed to multi-year highs.

“Deals” were in ample supply this summer and eager North Padre Island home buyers snatched them up.

Some of these deals included “distressed properties”, a categorization that includes homes in various stages of foreclosure or short sale, accounted for 35 percent of all sales, an uptick of 1 percent from August.

According to the National Association of Realtors®, home resales split as follows:

  • First-time buyers : 32 percent of all buyers
  • Repeat home buyers : 50 percent of all buyers
  • Investors : 18 percent of all buyers

By contrast, in November 2009, first-timers accounted for more than half of all resales.

For Cinnamon Shores home buyers, September’s Existing Home Sales report foreshadows a more competitive housing market through the New Year. In addition to rising sales volume, home supplies are down by nearly 2 months from July.

At the current pace of sales, the complete housing stock would be depleted in 10.7 months.

Posted in: Housing Analysis Tagged: Existing Home Sales,NAR,Home Supply

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Port Aransas Texas Real Estate
Julie Woodward, Broker/Associate

Address: 1900 State Highway 361
Port Aransas, TX 78373-4894
Direct: (361) 563-7788 (Mobile)
Phone: (361) 749-6000 (Office)
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Hot Port Aransas Real Estate

This home is known as Canary Island and was designed with families in mind. Open kitchen, living and dining with beautiful vinyl plank and tile. Also on this level is a large master bedroom with private bath and a half bath in the hallway. There is a large covered deck off of the kitchen and dining with shade in the afternoon. The third floor has three bedrooms, two baths and a laundry closet. The master on this floor has access to the covered deck and an adjoining bath. The guest bedroom shares a Jack & Jill bath with the bunk room that has 2 sets of beds. There is a large garage and parking to accommodate 5 vehicles or 4 vehicles and a boat. Bella Vista has a beautiful lagoon style pool with waterfalls and the large private lake has fountains. It is only minutes away by car to the beach, 10 minutes from Port Aransas restaurants and 15 minutes from Schlitterbahn water park on Padre Island. The condo is beautifully furnished and the furnishings convey. Great investment opportunity! $434,500 Active

162 La Concha #18 18 Port Aransas, Texas

4 Beds 3.5 Baths 1,818 Sq Ft

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