The numbers for May don’t look too different than the numbers from April.  Here’s this months chart:

As you can see there were some modest drops in numbers from April to May. The numbers were almost identical. The number of units pended or under contract had the largest drop. I can only surmise that that number will change as the numbers are finalized for May. I’m sure some of this has to do with the further tightening by lenders, as well. Buyer financing was one of the significant reasons for contracts falling through in my office. There are still lenders that will promise the world, but can’t keep their promise without tacking on significant fees at closing. I urge you to get a pre-approval from a qualified lender with a known track record.

Compared to May, 2007 the number of units sold is down about 25 percent while the average price is down about 7% from a year ago. Days on market for sales stayed even at 78 and the absorption rate (or months of inventory) remained around 9. While tilted a bit towards a buyers market, there are homes selling quickly and close to full price IF they are priced correctly.

As always, if you’d like a more information for your market area, please contact me and I’ll be happy to help.

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