Thursday, November 13, 2008

Campbell Survey: Home Sales to Fall Sharply in October

by Calculated Risk on 11/13/2008 11:00:00 AM

From Campbell Surveys: Survey of Real Estate Agents Shows 19% Drop In Home Sales From September to October (no link)

Stresses in the real estate market caused U.S. home sales to fall sharply between September and October, according to a national survey of more than 2,500 real estate agents conducted November 1-8.

According to the survey firm, Campbell Communications, buy-side agents responding to the survey indicated a 19% drop in completed transactions between the months of September and October. Declines were especially severe for sales of non-distressed properties in states where home prices have fallen rapidly during the past year, agents indicated. For example, buy-side agents indicated a 22% decline in non-distressed sales in Florida, a 32% drop in California, and a 51% drop in Michigan.
The most recent Pending Home Sales report from the NAR indicated a decline in pending sales in September, but this survey suggests pending sales fell off a cliff in October.