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Market Report

NAR: Home Sales to Vary in Narrow Range – Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest NAR forecast. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, fell 4.7 percent to 84.7 from an upwardly revised reading of 88.9 in April, and remains 14.0 percent below May 2007, when it stood at 98.5. œThe overall decline in contract signings suggests we are not out of the woods by any means,” says Lawrence Yun, NAR chief economist. œThe housing stimulus bill that is being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs, and the economy.”

Locally: Local market is slow and steady – It seems that what we’ve seen over the past year of a reduction in the number of transactions holds true in the second quarter of 2008. Second quarter residential sales were down from 96 in 2007 to 51 in 2008. The average sales price is down by 18%. This is due to the upper end market slowing to a trickle. The median price of a home sold in the second quarter of 2008 was $129,000. While home sales dropped in the second quarter land sales increased. In the first quarter of 2008 there were 14 land sales compared to 23 in the second quarter. The average price of the land parcels sold in the first quarter was $84,268 compared to $70,970 in the second quarter.

July 10, 2008

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