? Fifty-six percent of real estate agents said it is now on average, taking more than 60 days from listing to contract to sell a house. This is up from 55% in the first quarter and 35% a year ago. Twenty- eight percent said it is taking more than 90 days to contract. Only 15% of existing homes for sale are selling in 30 days or less.

? Housing inventories are continuing to increase: 86% now report a good supply of homes in virtually all price ranges. This is up from 81% in the first quarter and 38% a year ago. ? Sixty-six percent of member agents reported that annual home price appreciation is now five percent or less. This is down from 8-10% a year ago. Home price appreciation of more than 10% is now 16%, on average.

? The percentage of home sellers getting 95% or more of asking prices is currently 68%, compared to 90% a year ago. Three months ago it was 75%.

? Multiple offers from home buyers are also down substantially. Currently, the estimate is 32%. It was 39% in the first quarter and 70% a year ago.

? First-time buyers still account for one of three homes for sale nationally. Repeat and move-up buyers are most active in higher priced real estate markets. Recent home price appreciation and rising mortgage rates & interest rates have had only a minimal negative effect on first-time buyers, on average. Exceptions are marginal qualifiers.

?We welcome a balanced, more orderly marketplace for both the consumer and real estate professionals,? said Michael Bearden, president and CEO of HouseHunt, Inc. ?Double-digit price appreciation is simply not sustainable for a multi-year period and will eventually drive away entry level buyers.?

Second Quarter Current Market Conditions Survey: Regional Results

U.S. South Midwest Northeast West California* Chicago*

More Buyers 41% 40% 49% 30% 47% 39% 50% More Sellers 40% 44% 30% 50% 34% 41% 19%

50-50 19% 16% 21% 20% 19% 20% 31%

Time on Market:

0-60 days 44% 35% 31% 48% 49% 49% 35%

More than 60 days 56% 65% 69% 51% 51% 51% 65%

Sale vs. Ask Price:

90-95% 35% 35% 29% 37% 26% 29% 34%

95% -100% Plus 65% 65% 71% 63% 74% 71% 66%

Annual Apprec.:

5% or less 66% 57% 70% 73% 65% 75% 61%

5-10% 18% 30% 20% 19% 15% 11% 31%

More than 10% 16% 13% 10% 8% 20% 14% 8%

Inventory:

Good Supply 86% 86% 90% 96% 83% 90% 92%

Limited Supply 14% 14% 10% 4% 17% 10% 8%

Multiple offers:

Yes 32% 35% 33% 34% 32% 18% 55% No 68% 65% 67% 66% 68% 82% 45%

Activity:

First Time Buyers 33% 34% 41% 47% 42% 44% 35%

Move-Up & Repeat 67% 66% 59% 53% 58% 56% 65%

*California survey percentages are included in both U.S. and West results. **Chicago Metro survey percentages are included in both .U.S. and Midwest results.

Posted by Steven Dove on December 13, 2008 at 12:00 AM

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