As the final days of the tax credit wind down, buyers in the MRIS region are rushing to take advantage. In August there were 11,858 signed purchase agreements, an increase of 30.7 percent from a year ago and the strongest August showing since 2005. Not all of these agreements will reach the closing table, but it is nonetheless a welcome sign of robust buyer activity.
Home prices continue to post year-over-year declines, but the drops have not been as extreme as those experienced in the earlier months of this year. The August median sales price of $275,000 is a decline of 6.6 percent from a year ago. Previous months have seen double-digit percentage declines.
