Now that the first half of 2009 is behind us, sales data is available to compare with previous years to see how we’re doing.

Since all the numbers for 2009 so far have been dramatically down from recent years I expected the first half to be the same and it was; here’ s the numbers:

First 6 months of Knoxville sales for 2009 compared to past years

First 6 months of Knoxville sales for 2009 compared to past years

From the highest number in 2006 the first half of 2009 sales figures are down over 51% in comparison.

For the remainder of 2009 and likely 2010 I don’t see much improvement in sales numbers.

Unemployment remains historically high and according to the U.S. Department of Labor forecast is going much higher. In June of this year US unemployment was 9.7% of the workforce and projections are for 11%+ in early 2010.

U.S. Department of Labor Unemployment Forecast.

U.S. Department of Labor Unemployment Forecast.

Also look for mortgage interest rates to start rising from August of 2009 forward unless something dramatic happens to the economy. Right now 30 year fixed rates are in the very low 5% range but they could be in the 6s this fall.

U.S. 30 year fixed rate mortgage interest projections

U.S. 30 year fixed rate mortgage interest projections

And finally the $8,000 tax credit that has been driving a large percentage of this year’s sales expires on November 30th of this year and I believe that will take a big chunk of buyers out of the market.

All of the Knoxville area Realtor listings are available to you to view at www.KnoxvilleHomeCenter.com.

Please feel free to leave your comments here and call or email me with any questions or to arrange to see some homes for sale.


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