This past week, I was in Washington DC at the National Association of REALTORS (NAR) Mid-Year meetings. NAR held a first ever Economic Summit on Tuesday starting off with an all too short (in my opinion) debate between Pat Buchanan and Harold Ford. Former Fed Chairman Dr. Alan Greenspan took the stage Tuesday and predicted that while the residential real estate market “may” be near the bottom and starting to turn around, Commercial real estate is going to continue to suffer into 2010. Former Labor Secretary under President Clinton, Robert Reich spoke and while one may disagree with his views, he does have a good sense of humor, which the audience enjoyed.
Probably the biggest news announced during the Summit was from HUD Secretary Shaun Donovan. Donovan announced that the First Time Homebuyer $8,000 funds could be made available for FHA buyers at the time of closing in effect letting them use the tax credit for down payment & financing costs. This was positive with the audience, however as of today it appears that Secretary Donovan may have jumped the gun in this announcement. When HUD released program details on Thursday, FHA was caught off guard and has currently put the new initiative on hold. It won’t be long according to some analysts before the plan is back in place.
Week Ending May 15, 2009
Total Number of Homes For Sale in the Des Moines Area – 5,087
New Listings Taken During the Last 7 Days – 288
Accepted Offers (Pendings) During the Last 7 Days – 143
Homes Closed (Solds) During the Last 7 Days – 81
Average Sale Price of Solds – $150,376
Average Days On Market of Solds – 78
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Les Sulgrove, RE/MAX Real Estate Group
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Data Source: Les Sulgrove, RE/MAX Real Estate Group
Des Moines Area Association of REALTORS® MLS.
Des Moines Metropolitan Area defined as: Adel, Altoona,
Ankeny, Bondurant, Carlisle, Clive, Des Moines, Dallas Center,
Desoto, Granger, Grimes, Indianola, Johnston, Norwalk,
Pleasant Hill, Polk City, Urbandale, Van Meter ,Waukee,
West Des Moines, Windsor Heights, Winterset