Birmingham Area Real Estate Sales Remain Weak In August
Image via Wikipedia
Birmingham Area MLS* Monthly Observations for August 2010
Sales in August improved 3% to $155,252,286 in August from July’s $151,080,627. This is a decline of 18% from last August, at $189,213,255. As we head into the seasonally weaker part of the year, it is distressing to point out that this is the worst sales level for August in the last 10 years by a large margin. The twelve month moving average of total dollar sales chart has a downward hook.
Total unit sales were down 4% at 909 in August from 951 in July, a decrease of 42. This is a 20% reduction from August 2009 at 1,131. New sales improved 34% to 126 homes this month from 94 in July, an increase of 23 units. Used sales deteriorated 9% to 783 homes in August from 857 last month, a decrease of 74 (Sect E p.3).
Inventory continues to increase for Used homes. The month of July showed the highest number of Active Used homes ever at 12,990. (I’m using last month since agents tend to renew listings quite late so the current month is almost always lower, which presents a somewhat overly “rosy” picture, if it can be called that.) This month total inventory is up 1% from last year at 13,550 vs. 13,394.
Active New listings decreased to 1,214 in August from 1,426 in July, a decline of 212 units (Sect E p.3). The number of housing permits has decreased to 45 in July vs. 69 in the prior month for Jefferson County. Shelby County increased somewhat (See the web site for details). New inventory is now well below the 1,800 level which reflects more normal pre-2004 levels. Absorption rate for New homes with 6.7 months supply at the reduced sales pace, is better than the 9.4 months last year at this time (Sect E p.3).. With the heavy Used inventory, and low sales levels, I would not be in a rush to build! (Sect C p.1 compare to last month and Sect E p.3.) New house inventories in higher price ranges (above $500,000) remain excessive at over a year. This has been grim for some time.
Absorption for Used homes in August 2010 shows 12,336 Used Active listings (Sect E p.3) and 13.4 months of supply. This is slightly worse than the 12.8 months of supply last year at this time (Sect E p.3). The higher price ranges are doing poorly and deteriorating as new listings add to the oversupply. The market for houses requiring “Jumbo” loans remains stagnant. It is distressing that a number of more affluent areas are getting more new listings. Homewood, Area 230, is one dramatic example, with used inventory now 377, very close to April’s all-time high of 402, a 15 month supply. Mountain Brook, Area 200, has 285 Used homes for sale, a 15 month supply.
Birmingham area Average Days on Market for New houses was 202 compared to last month at 218. The Used homes DOM was 130 in August, compared with 129 last month (Sect A p.18).
Average sales price for Sold New homes increased to $237,381 from $236,083 last month (Sect A p2). Average sales prices for Sold Used homes increased to $160,080 from $150,395 last month (Sect A p2). The twelve month moving average price line for both New and Used homes is heading down, reflecting that most sales activity continues to be on the lower end of the market. There are small signs of change with some increase in more expensive homes. (Sect A p2). It’s hard to read too much into average prices with the shifting mix.
TWB 9/11/10
Huntsville, North Alabama Real Estate Remains Very Slow
Image via Wikipedia
Huntsville/North Alabama Area MLS
Observations Huntsville, Alabama Residential Real Estate Market August 2010:
August Dollar sales increased 1% from July’s weak result. August sales were $118,277,383 vs. July $116,933,482. This was 6% below last year $125,285,539. This result is disappointing as we now enter the seasonally weaker part of the year. The twelve month moving average line on the total dollar sales chart once again has an ugly downward hook at the end.
Total unit sales increased from 655 in July to 702 in August, an increase of 47.
New sales increased from 114 homes last month to 123 this month, a increase of 9.
Used sales increased from 541 homes last month to 579 this month, a increase of 38 (Sect E p.3).
Used inventory levels remain high. Used homes are 13 months of inventory overall. The inventory situation remains even more challenged in the higher price ranges. Used homes over $100,000 are now over a year of inventory, and in $700,000-$800,000 price range about 7 years of inventory. Prices continue to be pressured.
New houses are at 9 months of inventory overall, and homes priced under $100,000, are at 11 months of inventory. Greater than $500,000, are at over two year’s worth of inventory. (E-1).
There seem to be a large number of housing permits issued, given the market conditions. There were 80 new single family housing permits issued in July, down considerably from 130 in June in Huntsville City, according to the Census Department. This permit level is way above the sales level for the comparable area. New home inventory remains high and climbing.
In July there was a new all-time record of 8,432 Active Used listings. Total Active listings decreased by 6% this month to 9,446, compared to last months’ 10,037, but 9% greater than last year at this time, at 8,673 (Sect A p.4 and Sect E p.3). (This will increase when reported next month.) New houses New listings are once again about 2 times the rate of sales, which combined with the high number of building permits does not look encouraging. (Sect B p.1). Active New listings decreased from 1,605 last month to 1,375 in August, down 230. (Sect E p.3). Active Used listings decreased from 8,432 last month to 8,071 this month, down 361. This is above last year’s level at this time (7,092) (Sect E p.3).
Absorption for New homes was at 9 months of inventory in August. This is better than 12 months last year at this time (Sect E p.8). Absorption for Used homes was 13 months of inventory in August which is even with last month. This is slightly worse than last year’s level of 12 months (Sect E p.8).
Average Days on Market for Sold New houses was 168 vs. 164 days last month, with Used at 137 in August compared with 139 in July (Sect A p.18).
Average sales price for Sold New homes was $226,150 vs. $235,512 last month. (Sect A p.2)
Average sales price for Sold Used homes was $156,236 vs. $166,516 last month. (Sect A p.2)
Until we see some signs of normalcy return in the wake of the tax incentive expiration, it is difficult to predict future results. The mix of higher and lower priced homes is jumping around quite a bit so it’s hard to read too much into average prices.
TWB 9/11/10
Coastal Alabama Real Estate Remains Slow
Image via Wikipedia
Hopefully, with the leak capped and there being no apparent major damage to the beaches, life will begin to return to normal, whatever that means. Unfortunately, it will be a while longer; August was a difficult month. August dollar sales dropped from July (unit sales were up slightly see below). Again, this month this was the lowest corresponding month sales level on record. For the several months prior to the spill, the sales statistics had been showing signs of a bottom, and even some signs of recovery. August sales dropped 5% to $56,652,614 from July’s $59,930,892. This is 22% below August last year at $72,221,248 (Sect A p.2). As a result, the 12 month moving average line of sales is once again trending down. The sales results varied widely by area with the most coastal areas being hit quite hard.
Our chart in Section A p.18, shows the historical trends for absolute units of inventory and months of inventory for New and Used units. This chart is now showing some inventory reduction, not so much from sales as people simply not putting properties on the market. Inventories remain very high.
The 12 month moving average line of unit sales for Used homes had a pronounced upward slope through four months ago. But with the spill, it now shows a downward trend due to the size and counter cyclical nature of the sales drop. On a unit basis, sales of all houses improved to 305 vs. 288 last month, which is about even with last year’s 296.
Used house unit sales were up at 277 from 263 last month. New home unit sales improved to 28 from 25 last month (Sect A p.18). Note that we are seeing some small number of home sales being reversed back to unsold in last month.The low number of sales of new homes reflects the intense competition from existing, and an extended slowdown of new construction.
New listings for New homes increased to 65 in August from 45 in July, about double the number of sales. Used houses New listings increased to 673 this month from 611 in July.
The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has once again started to level out, or even decline slightly. In August, there were 4,929 Active Used homes, a 9% reduction from 5,401 in July. The New home market which peaked in August 2006 at 2,144 Active, now sits at 411.
The Absorption rate for New homes was 13 months of inventory for August vs. 13 in July. The Absorption rate for Used houses was 18 months of inventory for August vs. 19 in July. (Sect A p.17).
Average sales price for all homes has been trending down. For New units prices increased to $204,348 from $180,737 last month. Life is still very difficult for those trying to sell higher priced homes, and inventory continues to climb. (Sect A p.14). Average Used home prices decreased to $183,866 from $210,694 in July.
Average Days On Market for New Sold properties in August were 230 this month vs. 229 last month. Days On Market for Used was 164 this month vs. 162 last month.
TWB 9/11/2010
Birmingham Area MLS* Monthly Observations for July 2010
Sales in July declined a stunning 41% to $144,109,737 in July from June’s $243,804,541. This is a decline of 37% from last July, at $227,443,179. This is the worst sales level for July in the last 10 years by a large margin. The expiration of the tax credit seems to have dramatically stalled sales. The twelve month moving average of total dollar sales chart has a new downward hook.
Total unit sales were down 36% at 889 in July from 1,397 in June, a decrease of 508. This is a 31% reduction from July 2009 at 1,298. New sales dropped 61% to 86 homes this month from 261 in June, a decrease of 175 units. Used sales deteriorated 29% to 803 homes in July from 1,136 last month, a decrease of 333 (Sect E p.3).
Inventory continues to increase for Used homes. The month of June showed the highest number of Active Used homes ever at 12,901. (I’m using last month since agents tend to renew listings quite late so the current month is almost always lower, which presents a somewhat overly “rosy” picture, if it can be called that.) For this month total inventory is up 2% from last year at this time at 13,650 vs. 13,336.
Active New listings decreased to 1,250 in July from 1,459 in June, a decline of 209 units (Sect E p.3). The number of housing permits has increased considerably to 69 in June vs. 21 in the prior month for Jefferson County. Shelby County however declined somewhat (See the web site for details). New inventory is now well below the 1,800 level which reflects more normal pre-2004 levels. Absorption rate for New homes with 6.8 months supply at the reduced sales pace, is better than the 9.2 months last year at this time (Sect E p.3).. In light of the heavy Used inventory, and low sales levels, I would not be in a rush to build! (Sect C p.1 compare to last month and Sect E p.3.) New house inventories in the higher price ranges (above $500,000) remain excessive at over a year. That situation has remained grim for some time now.
Absorption for Used homes in July 2010 shows 12,400 Used Active listings (Sect E p.3). at 13 months of supply. This is slightly worse than the 12.5 months of supply last year at this time (Sect E p.3). The higher price ranges are doing poorly and deteriorating as new listings are adding to the oversupply. The market for houses requiring “Jumbo” loans remains stagnant. It is somewhat distressing that a number of more affluent areas are getting a lot of new listings. Homewood, Area 230, is the most dramatic example, with used inventory now 387 which is very close to April’s all-time high of 402 Used homes, a 15 month supply. Mountain Brook, Area 200, has 298 Used homes for sale which is a 16 month supply.
Birmingham area Average Days on Market for New houses was 218 compared to last month at 187. The Used homes DOM was 129 in July, compared with 142 last month (Sect A p.18).
Average sales price for Sold New homes increased to $239,996 from $218,341 last month (Sect A p2). Average sales prices for Sold Used homes increased to $153,761 from $164,452 last month (Sect A p2). The twelve month moving average price line for both New and Used homes is heading down, reflecting that most sales activity continues to be on the lower end of the market. (Sect A p2). It’s hard to read too much into average prices with the shifting mix.
TWB 8/8/10
Huntsville/North Alabama Area MLS Observations Huntsville, Alabama Residential Real Estate Market July 2010:
Dollar sales collapsed 36% from June to July. Presumably this is due to the termination of the homebuyers tax credit. July sales were $113,616,394 vs. June $177,554,129. This was 28% below last year $157,823,792. This is a major reversal of the prior four months sales increases. The twelve month moving average line on the total dollar sales chart once again has an ugly downward hook at the end. The sales collapse was not quite as bad as what we see this month in the Birmingham area, although the inventory situation in Huntsville is a bit worse.
Total unit sales decreased from 961 in June to 635 in July, a decrease of 326.
New sales decreased from 258 homes last month to 109 this month, a decrease of 149.
Used sales decreased from 703 homes last month to 526 this month, a decrease of 177 (Sect E p.3).
Used inventory levels remain high. Used homes are 13 months of inventory overall. The inventory situation remains even more challenged in the higher price ranges. Used homes over $100,000 are now over a year of inventory, and in $700,000-$800,000 price range over 10 years of inventory. Prices continue to be pressured.
New houses are at 9 months of inventory, and homes priced greater than $500,000 are over two year’s worth of inventory. (E-1).
There seems to be a large number of housing permits issued, given the market conditions. There were 130 new single family housing permits issued (June), up considerably from 68 in May in Huntsville City, according to the Census Department. This permit level is way above the sales level for the comparable area. New home inventory remains high.
In June there was a new all-time record of 8,385 Active Used listings. Total Active listings decreased by 6% this month to 9,381, compared to last months’ 9,975 but 9% greater than last year at this time, 8,598.(Sect A p.4 and Sect E p.3). (This will increase when reported next month.) New houses New listings are once again well over 2 times the rate of sales, which combined with the high number of building permits does not look encouraging. (Sect B p.1). Active New listings decreased from 1,590 last month to 1,381 in July, down 209. (Sect E p.3). Active Used listings decreased from 8,385 last month to 8,000 this month, down 385. This is above last year’s level at this time (6,934) (Sect E p.3).
Absorption for New homes was at 9 months of inventory in July. This is better than 12 months last year at this time (Sect E p.8). Absorption for Used homes was 13 months of inventory in July which is even with last month. This is slightly worse than last year’s level of 12 months (Sect E p.8).
Average Days on Market for Sold New houses was 164 vs. 145 days last month, with Used at 139 in July compared with 145 in June (Sect A p.18).
Average sales price for Sold New homes was $239,313 vs. $241,714 last month. (Sect A p.2)
Average sales price for Sold Used homes was $166,409 vs. $163,858 last month. (Sect A p.2)
Until we see some signs of normalcy return in the wake of the tax incentive expiration it is very hard to see much into the future. The mix of higher and lower priced homes is jumping around quite a bit so it’s hard to read too much into average prices.
TWB 8/07/10
Baldwin County MLS* Observations for the month of July 2010: Real Estate Statistics for the Baldwin County, Alabama Coastal Areas:
Hopefully with the leak capped and there being no apparent major damage to the beaches, life will begin to return to normal, whatever that means. July, however, was a difficult month.
July sales dropped from June. Again this month this was the lowest corresponding month sales level on record. For the several months prior to the spill, the sales statistics had been showing signs of a bottom, and even some signs of recovery. July sales dropped 9% to $57,563,237 from June’s $62,930,836. This is 23% below July last year at $74,835,416 (Sect A p.2). As a result, the 12 month moving average line of sales is once again trending down. The sales results varied widely by area with the most coastal areas being hit quite hard.
Our chart in Section A p.18, shows the historical trends for absolute units of inventory and months of inventory for New and Used units. This chart continues to show flattening of inventory, which while still high, have recently leveled out.
The 12 month moving average line of unit sales for Used homes had a pronounced upward slope through two months ago. But with the spill, it now shows a downward trend due to the size and counter cyclical nature of the sales drop. On a unit basis, sales of all houses declined to 307 vs. 364 last month, which is considerably worse than last year’s 355.
Used house unit sales were down at 275 from 321 last month. New home unit sales deteriorated to 24 from 31 last month (Sect A p.18). The low number of sales of new homes reflects the intense competition from existing, and an extended slowdown of new construction.
New listings for New homes decreased to 42 in July from 53 in June, about double the number of sales. Used houses New listings decreased to 598 this month from 774 in June.
The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has once again started to level out, or even decline slightly. In July, there were 5,059 Active Used homes, a 9% reduction from 5,543 in June. The New home market which peaked in July 2006 at 2,144 Active, now sits at 396.
The Absorption rate for New homes was 12 months of inventory for July vs. 13 in June. The Absorption rate for Used houses was 18 months of inventory for July vs. 19 in June. (Sect A p.17).
Average sales price for New units decreased to $180,809 from $185,933 last month. Life is still very difficult for those trying to sell higher priced homes, and inventory continues to climb. (Sect A p.14). Average Used home prices increased to $212,047 from $197,127 in June.
Average Days On Market for New Sold properties in July were 229 this month vs. 158 last month. Days On Market for Used was 162 this month vs. 153 last month.
TWB 8/09/2010
Summary of Alabama Real Estate Outlook
Real estate professionals in Alabama are a bit more favorable about their statewide market conditions when ask to compare versus its national counterpart, but still show a continued state of caution from the previous quarter, according to the Alabama Real Estate Center at The University of Alabama’s Culverhouse College of Commerce.
Over 500 Real Estate Professionals responded to the third quarterly survey during the last two weeks of June. The survey asked these professionals for their expectations for the third quarter of 2010.
The scale ranges from 0-100 with 0 being much worse, 100 being much better, and 50 indicating no change expected.
The overall (residential & commercial combined) confidence level was not significantly different from the survey results for the last quarter although the overall score has dropped each quarter. The statewide overall score dropped from 47 to 44 indicating a continued deterioration in expectations from the previous quarter. The expectations for the nation are ranked at 45, indicating that respondents expect real estate conditions nationally to continue to deteriorate modestly.
Expectations for Alabama are more positive than the national outlook at 49 which is still a 5 point decline from last quarter. The score indicates “modestly unfavorable expectations” for the overall Alabama Real Estate market.
3rd Quarter overall outlook
Commercial market participants were also more dour in their outlook this quarter than last with results down 1 point.
Regional Results
North Region
North Alabama continues to have the highest overall scores, but at the same time continues to drift downward. The total score of 47 indicates a consensus for slight deterioration in coming quarter. The outlook for the Alabama market remains comparatively high at 56, but again this is a drop of 4 from the prior quarter, 60. Market participants are more pessimistic on the sales outlook for the 3rd quarter than they were for the 2nd at 53 this quarter vs. 62 last. This is still above the neutral rating of 50.
3rd Quarter Outlook Northern Region
Where we do not have sufficient respondents to provide a good sample such as the “commercial categories” we indicate that with na.
North Central Region
The North Central Region is slightly more unfavorable than the North region. The overall score decreased from 48 last quarter to 45 this quarter. Most measures showed unfavorable movement. In particular the rural respondents see the market getting worse with both Residential and Commercial Sales as getting worse. As a consequence they also see pricing pressures at a low 35 for the coming quarter. Additionally the North Central participants see credit availability as being poor, and continuing to get tighter.
3rd Quarter North Central Outlook
South Central Region
The South Central Region participants remain unfavorable regarding the national outlook. While there was a decline in the national outlook it now sits at 51 which is neutral. There was some slight improvement in credit expectations in the rural areas, an improvement of 8 points but still quite unfavorable at 31.
3rd Quarter South Central Outlook
South Region
The Southern Region was more unfavorable in its outlook in most measures, undoubtedly due in large part to the oil spill impact. The overall statistics showed the largest drops of any area -8 for the quarter to 36, representing a quite unfavorable outlook. The respondents rated the national outlook at 43, only one point down from last quarter, but they ranked their own outlook 36 down 14 from last quarter. Sales expectations are down to 34 a 21 point drop from a fairly optimistic score of 55 last quarter. The more urban areas see it even worse at a score of 33 a drop of 24 from last quarter.
3rd Quarter Southern Region Outlook
The inaugural ACRE Leadership Council determined the need for a statewide industry confidence index and this was adopted as the Council’s first initiative. Tom Brander, Council Member, was selected by the Council and Grayson Glaze, ACRE Executive Director, to spearhead and work with the Center to conduct and produce its Alabama Real Estate Confidence Index (ARECI). The Council appreciates everyone who participated and is excited to announce that Karen Spann with ReMax First Choice from Pelham is the winner of our drawing for the $200 gas card! Congratulations Karen!
For further information contact Tom Brander at Tombrander@tombrander.com or Grayson Glaze at gglaze@cba.ua.edu
June Sales Advance 10% over May in Birmingham Area
Birmingham Area MLS* Monthly Observations for June 2010
Total Dollar sales for the first 6 months of the year are running 3% above the comparable period last year, at $1,079,829,791 this year vs. $1,045,237,555 last year. Total unit sales for the first 6 months increased 6% to 6,831 this year from 6,426 last year.
Sales in June improved to $236,798,745, up 10% from May at $214,934,175. This is a decline of 2% from last June, at $241,580,127. I think and hope that with the expiration of the tax credit we are beginning to see the transition to more normal, non-incentivized sales with some evidence of a better market from an expanding economy. The twelve month moving average of total dollar sales chart remains fairly “flat”.
Total unit sales were about even with 1,346 in June from 1,368 in May, a decrease of 2. This is about the same as June 2009, at 1,341. New sales improved 20% to 247 homes this month from 206 in May, an increase of 41 units. Used sales deteriorated 4% to 1,099 homes in June from 1,142 last month, a decrease of 43 (Sect E p.3).
A somewhat larger than normal inventory increase in Used homes is evident. For this month total inventory is up .6% from last year at this time at 13,636 vs. 13,559. Active New listings decreased to 1,277 in June from 1,509 in May, a decline of 232 units (Sect E p.3). In May it appears that builders decreased permits. The number of housing permits has decreased considerably to 21 in May vs. 83 in the prior month for Jefferson County. Shelby County also declined substantially (See the web site for details). New inventory is now well below the 1,800 level which reflects more normal pre-2004 levels with 6.7 months supply at the reduced sales pace. In light of the heavy Used inventory, and low sales levels, I would not be in a rush to build! (Sect C p.1, (compare it to last month) and Sect E p.3). It is somewhat distressing that a number of more affluent areas are getting a lot of new listings. Homewood, Area 230, is the most dramatic example, with used inventory now 393, which is very close to April’s all-time high of 402 Used homes, a 14 month supply.
For Used homes the months of inventory has begun to creep up, which is a concern. Absorption rate for New homes improved to 6.7 months of inventory, which is better than the 9.4 months last year at this time (Sect E p.3). New house inventories in the higher price ranges (above $500,000) remain excessive at over a year. That situation is getting worse as new listings come on, and sales are sluggish.
June 2010 shows 12,359 Used Active listings (Sect E p.3). Absorption for Used homes is at 13 months of supply. This is slightly worse than the 12.5 months of supply last year at this time (Sect E p.3). The higher price ranges are doing poorly, and deteriorating as new listings are adding to the oversupply. The market for houses requiring “Jumbo” loans remains stagnant.
Birmingham area Average Days on Market for New houses was 187 compared to last month at 206. The Used homes DOM was 142 in June, compared with 138 last month (Sect A p.18). (Note: we no longer attempt to subtract pending days from active as it was causing some very wild distortions)
Average sales price for Sold New homes increased to $219,004 from $200,104 last month (Sect A p2). Average sales prices for Sold Used homes increased to $166,246 from $152,104 last month (Sect A p2). The twelve month moving average price line for New homes is heading down, reflecting that most sales activity continues to be on the lower end of the market. But the average price for Used has begun to move up, slightly reflecting a bit of activity in the upper price ranges. (Sect A p2). It’s hard to read too much into average prices with the shifting mix.
TWB 7/11/10
June Huntsville Real Estate Sales Robust
Huntsville/North Alabama Area MLS Observations Huntsville, Alabama Residential Real Estate Market June 2010:
Total Dollar sales for the first 6 months of the year are running 10% ahead of the comparable period last year, at $728,972,221 this year vs. $665,648,849 last year. Total unit sales for the first 6 months increased 11% to 4,516 this year from 4,057 last year.
Total dollar sales increased a surprising 15% from May to June. June sales were $172,618,329 vs. May $150,021,406. This was 15% higher than last year $149,923,252. This is now four months in a row of substantiative sales increases. The twelve month moving average line on the total dollar sales chart shows a more pronounced upward trend. The sales increase is better than we see this month in the Birmingham area, although the inventory situation in Huntsville remains worse.
Total unit sales increased from 913 in May to 933 in June, an increase of 20.
New sales increased from 170 homes last month to 253 this month, an increase of 83. This is an exceptional showing for new home sales, the most since September ’07.
Used sales decreased from 743 homes last month to 680 this month, a decrease of 63 (Sect E p.3).
Used inventory levels remain high. Used homes are 13 months of inventory overall. The inventory situation remains even more challenged in the higher price ranges. Used homes over $200,000 are now at 21 months of inventory, and in $700,000-$800,000 price range over 10 years of inventory. Prices continue to be pressured.
New houses are at 8 months of inventory, and homes priced greater than $500,000 are over a year’s worth of inventory. (E-1).
There seems to be a large number of housing permits issued, given the market conditions. There were 68 new single family housing permits issued (May), down considerably from 99 in April in Huntsville City, according to the Census Department. This permit level is about the sales level for the comparable area. New home inventory remains high.
Total Active listings decreased by 3% this month to 9,388, compared to last months’ 9,684 but 9% greater than last year at this time, 8,608.(Sect A p.4 and Sect E p.3). (This will increase when reported next month.) New houses New listings are 1.2 times the rate of sales, which is much better than recent months (Sect B p.1). Active New listings decreased from 1,577 last month to 1,377 in June, down 200. (Sect E p.3). Active Used listings decreased from 8,107 last month to 8,011 this month, down 96. This is above last year’s level at this time (6,911) (Sect E p.3).
Absorption for New homes was at 8 months of inventory in June. This is better than 12 months last year at this time (Sect E p.8). Absorption for Used homes was 13 months of inventory in June which is even with last month. This is approximately the same as last year’s level at this time (Sect E p.8).
Average Days on Market for Sold New houses was 145 vs. 167 days last month, with Used at 145 in June compared with 131 in May (Sect A p.18).
Average sales price for Sold New homes was $240,938 vs. $226,320 last month. This is a substantial jump. (Sect A p.2)
Average sales price for Sold Used homes was $164,208 vs. $150,130 last month. (Sect A p.2)
The twelve month moving average line of prices for New homes has now flattened which is an improvement on the downward direction previously, indicating that prices are reaching some stability. Used prices seem to have increased a bit, which is encouraging. The mix of higher and lower priced homes is jumping around quite a bit so it’s hard to read too much into average prices.
TWB 7/12/10
