June numbers just came in (thanks to Jere Webb for his insightful work)...
Sales - Hold on to your hat. We're up 36% from last month and up 6% for this month last year. That's the first time current year sales have exceeded the same month last year in 10 months! The increase of June over May is largest in 10 years.
Pending Sales - Up almost 40% over last month. Still almost all in resales; not new construction.
REO/Short Sales - Short sales made up 15% of all sales in June; down 3% from our peak in March of 18%. REO's were 18% of June sales; down from 34% in February. Total "distressed" sales in June were 33% of all sales. Distressed in Feb. was 48% of total; March was 45%; April was 44%.
Median Price - up 3% from May to $176,000. Down 16% from June '08.
Inventory - Down 17% from '08. We are now below 8 months of inventory for the first time since I've been here. Remember we define "market equilibrium" as having 6 months of inventory. Our high was 16.7 months of inventory in Jan. '09.
ACAR will be sending a full media release tomorrow morning. With a little bit of luck, and our TV friends on Facebook and Twitter, we should get some good coverage tomorrow night.
Tuesday, July 7, 2009
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Thanks for the GREAT news! I sent a link to the site to each of my agents.
ReplyDeleteJim Paulson