The 2009-2010 IRS Tax Credit for home buyers was extended and expanded in November. The new expiration date is April 30, 2010 and the tax credit now includes current homeowners, not just First-Time homebuyers and income limits were expanded to $225,000.
With new incentives in hand, every month that passes now in 2009 shows great improvement in comparison to the previous months. Summary of October YTD market stats compared to last year:
- Sales are down from Oct YTD 2008 by 11% with 45,391 single family homes
- Dollar volume sold is down from Oct YTD 2008 by 14% with $9,202,482,156
- Average Sales price is currently $202,738 – down by 4%
- Median Sales price is $153,000 – down by 1%
- # contracts written (pending) are 31,101 and that represents 14% fewer than found last year
- Active listings are currently 27,756 or 21% less than last year