by drose
14. August 2012 09:59
During the past 12 months 18,806 homes have sold, a 9.9% increase from the previous 12 month period.
In July there was a slight month over month decline in total homes sold for the first time this year, but
sales levels were significantly higher than at the same time last year as they have been every month this year.
The following chart shows the total number of homes for sale by month for the past 2 years. There
are currently 11,509 homes for sale, which is 17.5% lower than the same time last year .
This is the fewest number of properties for sale in August since 2006.
The monthly average price for homes sold continues to hold steady, up almost 17% from the January lows. Year to date the average price of homes sold is up 1.4% from the same time period last year. Mortgage rates continue to set new records, falling to 40 year lows. With conventional 30 yr. fixed rates as low as 3.5% for many borrowers, all housing
affordability indexes continue to be at record levels even as home prices stabilize.
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Absorption rates continue to trend downwards towards a more balanced market between buyers and sellers.
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This is a function of both increased sales and lower inventory levels. The overall rate is the lowest in over
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5 years and is dramatically lower than the 9.0 reading in August of last year.
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*Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved