Hot off the ticker information courtesy of NAR and the talkin heads at CNBC...
Existing Home Sales fell in June by 2.6% (a seasonally adjusted rate) with 4.86 million sold units, the lowest sales reported since 1998. Existing Home sales dropped 15.5% from June 2007.
Inventory of existing homes is up another .2% to a total of 4.49 units. This represents an 11.1 month supply of available homes. Ouch. This number just keeps growing. Note - Silver City inventory has inched up as well, but days on market for sold properties has declined substantially..
Median Home price for existing homes sold was $215,100 which is down 6.1% from June of 2007, and this is the lowest since 2004.
Regionally:
The Northeast reported -6.6% sales of existing homes
The Midwest reported --3.4%
The South reported -3.1%
with the West showing an increase of 1%.
Why an increase out West???
Perhaps because the West has seen prices drop across the board a big 17%. When a market takes a crapper, some of the good deals get washed out too, and create potential value for bottom fishing. Some savvy buyers are obviously active and some are scoring big out West.
Disturbing News - Well Yes IMO
Western State Realtors (California) have polled that 33% to 40% of the existing homes being sold are in some form " foreclosure properties". Wow..... Enough said...
Existing Home Sales fell in June by 2.6% (a seasonally adjusted rate) with 4.86 million sold units, the lowest sales reported since 1998. Existing Home sales dropped 15.5% from June 2007.
Inventory of existing homes is up another .2% to a total of 4.49 units. This represents an 11.1 month supply of available homes. Ouch. This number just keeps growing. Note - Silver City inventory has inched up as well, but days on market for sold properties has declined substantially..
Median Home price for existing homes sold was $215,100 which is down 6.1% from June of 2007, and this is the lowest since 2004.
Regionally:
The Northeast reported -6.6% sales of existing homes
The Midwest reported --3.4%
The South reported -3.1%
with the West showing an increase of 1%.
Why an increase out West???
Perhaps because the West has seen prices drop across the board a big 17%. When a market takes a crapper, some of the good deals get washed out too, and create potential value for bottom fishing. Some savvy buyers are obviously active and some are scoring big out West.
Disturbing News - Well Yes IMO
Western State Realtors (California) have polled that 33% to 40% of the existing homes being sold are in some form " foreclosure properties". Wow..... Enough said...
Things are going surprisngly well now in Silver City with the common expression "slammed" being used by many of the recently "Maytag" like real estate professionals. Yep we are getting busy. Buyers and sellers have found some level of comfort in our somewhat stable market.
You gotta love this place for any number of reasons..... ---aarcher--->
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