Weekly Scorecard 8-9-10

By George Thurtle

Things appear to be settling down. Inventories are peaking and the sales are lower after the expiration of the tax credit. Basically over the last few months inventory have risen and the sales volume has fallen. If you take a look at the monthly statistics this trend is very noticeable on the graphs.  In looking at the spreadsheet attached you will see that the pending sales and closed sales are starting to come in line more with closed sales and pending sales roughly beginning to correspond. In my opinion this is an indication of the underlying market after the tax credit. In general lower volumes as the market seeks to be replenished with new buyers.

The pricing appears stable with no real clear trend either up or down.  The indication here is if you are a seller you know where the price needs to be to sell and overall there are fewer buyers as indicated by the closed and pending sales. In addition in looking at the sales it is very evident the homes that are in condition or if older remodeled with new appliances and baths are the onesselling quickly. Some of the FNMA bank homes have had to take steep discounts to under $300,000. That has not been seen for a long time.

The spreqadsheet is here: Weekly scorecard 8-9-10

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