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Market Update: Fed Tax Credit Aftermath
The effect of the tax credit was complicated by the new state tax credit which started May 1st. Many buyers delayed escrow so they could take advantage of both credits, stealing sales from April, down 10.5% from March, and pushing them into May, where home sales were up 17.6% from April. Year-over-year, home sales were up 24.9%. This is the 11th month in a row home sales have been higher than the year before. Year-to-date, home sales are up 34.4%.
The major effect of the tax credits was felt in the loft/townhome/tic market where sales were off by 36.8% in April from March, reflecting the stealing effect, but were up a whopping 100.8% in May from April. Year-over-year, condo sales are up 53.3%.
The median price for single-family, re-sale homes was down in May by 4.8% from April. It was also down from last May by 0.7%.
The sales price to list price ratio for homes clocked in at 99.8%.
** Foreclosure levels dipped by 2% in April year-over-year for the San Francisco Bay Area. That's the first annual decrease in more than five years, according to report issuer RealtyTrac.
** Case-Shiller Home Price Index: the index for the SF Bay Area was up for the 11th month in a row, according to their latest statistics reported for March 2010.
The major effect of the tax credits was felt in the loft/townhome/tic market where sales were off by 36.8% in April from March, reflecting the stealing effect, but were up a whopping 100.8% in May from April. Year-over-year, condo sales are up 53.3%.
The median price for single-family, re-sale homes was down in May by 4.8% from April. It was also down from last May by 0.7%.
The sales price to list price ratio for homes clocked in at 99.8%.
** Foreclosure levels dipped by 2% in April year-over-year for the San Francisco Bay Area. That's the first annual decrease in more than five years, according to report issuer RealtyTrac.
** Case-Shiller Home Price Index: the index for the SF Bay Area was up for the 11th month in a row, according to their latest statistics reported for March 2010.
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