June Residential Highlights
June sales activity was mixed when compared to that of May 2008. On the other hand, activity continues to follow a downward trend compared with 2007. From May to June, there was a 0.8% increase in closed sales (1,877 v. 1,863) - the second straight month of increasing sales. New listings also grew a slight 0.6% (5,213 v. 5,182). Pending sales, however, dropped 6% (1,996 v. 2,124). On the other hand, comparing June 2008 with June 2007, closed sales dropped 31.3% and pending sales decreased 30%. New listings were also down 16.3%. See table below. At the month’s rate of sales, the 17,788 active residential listings would last approximately 9.5 months, up slightly from 9.2 months in May.
A look at the second quarter of 2008 compared with the same period in 2007 shows a 34.7% decrease in closed sales (5,461 v. 8,361) and 31% drop in pending sales (5,972 v. 8,652). New listings also fell 8.1% (15,973 v. 17,386).
The average sale price for June 2008 was down 1% compared to June 2007, while the median sale price dropped 2%. See table below. Month-to-month, the average sale price and median sale price are both up over May 2008 levels; the average sale price rose 4.1% ($348,800 v. $335,000) and the median sale price was up 0.5% ($289,000 v. $287,500).
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