Market News 12/1/2009
I hope you all had a great holiday with your friends/family.
Let’s get right down to it, this week’s market update finds New-home sales unexpectedly climbed 6.2% to a seasonally adjusted annual rate of 430,000 in October. The median price for a new home slipped 0.5% to $212,200.
Inventories shrank, with an estimated 239,000 homes for sale at the end of October. That represented 6.7 months of supply at the current sales rate. An estimated 250,000 homes were for sale at the end of September, or 7.4 months of inventory.
It’s all in the numbers folks, Here is Case-Shillers S&P Indices take on the market.
Case-Shiller index improves for second consecutive quarter
Home prices improved in the third quarter of 2009, posting their second quarter-over-quarter gain in three years, according to the S&P/Case-Shiller U.S. National Home Price Index, released yesterday.
The index, which covers all nine U.S. census divisions, recorded an 8.9 percent decline in the third quarter of 2009 compared with the third quarter of 2008, but an improvement over the 14.7 percent decline in the second quarter of the year. The 10-City and 20-City Composites recorded annual declines of 8.5 percent and 9.4 percent, respectively. These two indices generally have seen improvements in their annual rates of return every month since the beginning of the year.
“We have seen broad improvement in home prices for most of the past six months,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “The U.S. National Composite rose by 3.1 percent in both the second and third quarters of 2009. Both the 10-City and 20-City Composites posted their fifth consecutive monthly increase with September’s report. However, the gains in the most recent month are more modest than during the seasonally strong summer months.”
That's this week,s market update folks. You won't want to miss any of the fun so be sure to check out my community post to see what great holiday events are happening in Butte County.
Until next week!
