Campbell Surveys sees a mini boom in exisiting home sales numbers for September

Campbell Surveys has published a research report into their finding for the existing home sales numbers for the month of August.  From their surveys they see a strong improvement in existing home sales figures from August to September.  They see average home sales price rise 6% from August to September.  They have concluded that the increase in prices has to do with increased demand for REO (real estate owned) properties.  These foreclosed homes were in such demand because they are seen still as a real value in the marketplace.

Campbell did note that the average sales price for non-distressed properties remained fairly constant. In addition first time home buyers have remained very strong and accounted for approximately 42% on the transactions for September.

Many agents, such as in California and Florida, have reported that the demand for foreclosed properties is in a frenzied state.  Multiple offers are common becasue low inventory in certain neighborhoods.

Agents did expressed concerns for the future with rising unemployment and a slow rise in inventory.

The National Association of Realtors will release their existing home sales numbers for the month of September on Friday.