The Salmans Group National Market Update

A Snapshot of Monthly Housing Indicators

Pending Home Sales Index

Pending Home Sales maintained their uptrend in August. NAR’s pending home sales index posted a reading of 103.8 for the month – a 6.4% increase from July’s 97.6 and 12.4% above the reading in August of 2008. August’s pending home sales index is the highest index since March of 2007 and the seventh consecutive month in which the index rose. On both a month to month and year over year basis, pending sales were up in every region of the country.

Existing-Home Sales

Existing-home sales slipped 2.7% in August to a seasonally adjusted annual rate of 5.10 million units – 3.4% above their ales level in August of 2008. The national median sales price for n existing home was $177,700. The inventory of existing homes available for sale at the end of August fell to 3.62 million units – an 8.5-month supply at the current sales pace.

New-Home Sales

New home sales rose slightly in August, posting a seasonally adjusted annual rate of 429,000 units – 0.7% ahead of July’s revised rate of 426,000. New home inventory continued to decline to a 7.3 month supply at the current sales rate. That is down 3.9% from the previous month and more than 34% off its year-ago level

Housing Starts

Housing starts also posted a small increase in August, registering 598,000 units – up 1.5% from July’s level of 589,000. Despite the rise in August, starts were still 29.6% below their level a year ago. Building permits – generally a reliable indicator of future starts – posted a seasonally adjusted annual rate of 579,000 – 2.7% above July’s level.

Housing Affordability

Housing affordability continued at very healthy levels. NAR’s Housing Affordability Index (HAI) posted a reading of 159.1 in August – up from July’s reading of 155.5 and significantly higher than the 125.8 reading in August of 2008.

Mortgage Rates

Mortgage rates declined in September. The average 30-year fixed mortgage rate for the month was 5.06%, down from the average 5.19% in August and almost a full percentage point lower than in September of 2008. While slight upticks are possible, interest rates are expected to remain exceptionally low throughout the rest of this year.

Employment

The economy shed 263,000 jobs in September – a larger number than anticipated and a sign that despite other encouraging figures on the economy, the job market remains a drag on a more robust economic recovery. The unemployment rate rose to 9.8% – its highest level since June of 1983.

Economic Growth

The U.S. economy showed some improvement in the 2nd quarter of this year. Real GDP growth registered -.7% -- a significant increase from the -6.4% figure in the 1st quarter Going forward, GDP growth should turn positive in the 3rd quarter, but consumer spending activity may be tempered by the still-worrisome job market.

http://www.realtor.org/press_room/news_releases/2009/10/streak_continues

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Here Is What’s Happening In The Mat-Su Valley

Salmans Group
-Market update
-Box City – A night of sleeping in a box.
-Tax Credit
-Energy Rebates

Market update
Here Is What’s Happening In The Mat-Su Valley

Mat-Su Valley – Year over Year 08 09
Number of Sales 819 735
Average Price 224,354 210,562
Active Listings 2456 2348
Percentage of list to sale price 93% 95%
Average Days on Market 87 114

Even though our overall market is down about 24% year over year, homes in good shape and priced correctly are still selling.

This market provides some amazing opportunities. If you would like a copy of my in-depth market report just hit 'reply' to this email.

We are on the cutting edge of this market. My team is currently up over 85% from last year. Why? Because what used to work doesn’t anymore. We are not waiting for the market to “get better” we are whole heartedly embracing the current market and seeing great success for our clients.


Box City – A night of sleeping in a box.
I just wanted to say thank you to all of you who supported Cardboard City 2009.

It was a great event to raise awareness for the homeless here in the Valley. I think I might need to go back to building school! My home didn’t quite make it through the wind and rain, which lead to a very cold night. I think the weather gave all of the participants a taste of what it is really like to be homeless.

There are over 470 homeless persons in the Valley so the need is very real. With your support the Salmans group alone raised over $1,300. We were the largest donor at the event! I am truly humbled to have such amazing people around me. The money we raised will go toward helping families get back on their feet by providing shelter, food, counseling and a step-by-step path to brighter future.

Thank you all so much for being apart of this event! Who knows when it may be one of us in need.

Tax Credit
There are only 60 days left to take part in the first time home buyer $8,000 tax credit.
Your home purchase must be completed by November 30, 2009.

Energy Rebates
In Alaska we have tons of programs to help you get your home more energy efficient.
Here are just 3 of the available programs.

1. The Weatherization Program, is available to Alaskans, either homeowners or renters, who meet certain income guidelines and provides weatherization services at no cost to qualified applicants.

2. The Home Energy Rebate Program is for homeowners who do not qualify for the Weatherization Program, but want to make their own energy-efficiency improvements to their home. Up to $10,000 per household.

3. There is also a $7,500 rebate for purchasing a new 5 Star Plus homes.

4. The Second Mortgage Program for Energy Conservation is a loan for borrowers to make cost-effective energy improvements on owner-occupied properties.
Let me know if you would like to see a full list of programs

Who do you looking to purchase a home? Please send them our way. We will work hard to earn their business.