Normally, the housing market starts to slow down when school starts in the
fall. Will that cycle repeat itself in 2009, or will the $8,000 tax credit
continue to drive the market? Let’s take a look at the numbers for September

For all of Durham County there were 1950 houses listed at the end of
September. 199 sales closed in August, so at that pace the currently available inventory would be sold in 9.8 months. This is another step backwards from the previous three months, which have seen us move from a six-month supply of homes to almost ten months. Again, the decline is driven almost entirely by a 10+% drop in the number of homes sold in September.

For the 27713 area code there were 351 homes listed at the end of September. 43 homes sold during September [a drop of almost 20% from August], so the current listings would be sold through in 8.2 months. This means the adsorption rate has almost doubled from the numbers we had in June/July. It does, however, still show that strength that South Durham has in leading the general Durham real estate market

Here’s a look at the communities we’re tracking. If you would like to see data from your community, please let us know in the comments.

This month’s sales figures were much more spread out than in many pervious months with thirty different communities recording at least on sale in September. And Woodcroft did not come back like I predicted last month.

The question is still the same one I asked in the first paragraph. Will the
$8,000 tax credit, which expires in just 60 days, be enough to overcome the tag team of mortgage issues and the end-of-year slump. We’ll see in 30 days.

[Data for this post was pulled from the Triangle Multiple Listing Service on
September 30 at about 10:30 PM]

Tags: housing stats

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