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March Existing-Home Sales up Sharply, Inventories Up Over a Year Ago
Existing-home sales was up sharply in March and expected the same in April due to expiring tax-credit in April. The sales of single family homes and condos were up 6.8% nationally to a seasonally adjusted annual rate of 5.35 million units. It is 16% higher than March of 2009.
The total number of homes and condos on the market in March rose 1.5% to 3.58 million units. However, with the higher absorption rate the number of there are 8.0 months of inventory down from 8.5 months in February and 9.5 months in March of 2009.
Graphs and more info
Denver Home-Price Index Lower in February Per S&P Case-Shiller
Standard & Poor Case-Shiller home price indices track home prices in 20 major cities. It is divided in a 10-city and a 20-city composite indices. The S&P/Case-Shiller Home Price Indices are calculated monthly using a three-month moving average. There is a two month lag.
This report compares the residential housing markets of Denver and the 2 composite indices.
The data from Standard & Poor’s Case Shiller study released on April 27th shows improvements in the home prices in February to January of 2010. The indices show the annual rate of change are positive for the 1st time since the December of 2006.
The 10 and 20-city composite indices are up 1.4% and 0.6%, respectively, to February of 2009. The Denver home prices are up 3.6% over the same time a year ago. The Denver home price index peaked in Aug of 2009 to 130.07 and has been declining to the current value of 124.54
Graphs and more info
1st-time Homebuyer Tax-Credit Recapture Starts in 2010 for Homes Purchased in 2008.
1st-time homebuyers who purchased their homes in 2008 must pay back the tax credit over time. The rule applies only to purchases between Apr 9 2008 to Dec 31 2008. The payback is through adding $500 to 2010 taxes and the following 14 years. If the house is sold before full repayment, then the balance of the credit is taxable income.
For the homes purchased after 2008, there is no repayment of the tax credit unless the home is sold in less than 3 years.
Now the disclaimer: Please seek advice from your tax professional for details.
Homeownership Tax Credit Extended & Expanded
Legislation of Interest to Homeowners:
Homeowner association bills protecting homeowners
Coloado Senate Bill 06-89
Colorado Senate Bill 05-100 (115 KB)
