Here’s the weekly update from MRIS:
“As the final days of the federal tax credit for first-time home buyers draw closer, home buyers in the MRIS region are extremely active. The number of signed purchase agreements for the week ending September 19 was 2,917—a full 44.7 percent higher than the mark of 2,016 seen last year during the same week.
While its not known with exact precision how much of the region’s sales activity is due to first-time buyers, we should expect that buyer activity will slow somewhat in the weeks ahead after consumers taking advantage of the tax credit finish the necessary tasks related to purchase.
Regardless, the inventory of homes available in the region will be dramatically reduced when this is all said and done—good news for a market that faced a severe oversupply problem just one year ago. ”
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