You can see the effect of the tax credit in the four major metrics of the housing market. 1st is thew closed sales up 16% from last year. 2nd is pending sales a month after the credit expires down 12% 3rd. is active properties up 14% from last year and 4th the most dramatic is the single family building permits issued in Billings Down 86%. when you factor in that this time of year permits are normally headed up you really get the feel for the impact the tax credit has had on the housing market.

Market update at glance   Year  Percentage Increase 
Yellowstone County  5/31/2010 2009 2010 or -Decrease
               
Residential  Closed Sales Units   621 718   16%
               
Residential  Pending Sales Units 306 270   -12%
               
Residential  Active Property  For Sale 821 940   14%
               
Average sales price Single family Home $197,440 $202,058   2%
               
Average Square feet Single family Home 2275 2274   0%
               
Median sales price Single family Home  $179,998 $184,900   3%
               
Median Square feet Single family Home  2182 2162   -1%
               
Average Days on Market           
till offer Single Family Home    71 60   -15%
               
Absorption rate - TIME IN DAYS         
Time it would take for all existing   236    
properties to sell with no new inventory         
coming into the market place - residential         
               
SINGLE FAMILY PERMIT  MONTH 29 4   -86%
               
SINGLE FAMILY PERMIT  YEAR 76 97   28%
               
Average # Rentals Advertised Sundays 400 328   -18%
               
Average Asking Price  Rental Home $1,024 $1,038   1%
               
Average Asking Price  Rental Apartment $670 $648   -3%