Here’s the Downingtown statistics for July, 2008:

Downingtown Average vs Median for July 2008 - docstoc.com

As I did the other day, I’m using the updated graphs and statistics tools. As you can see on the two pages in the chart, both median and average price went down from June to July. As is typical of the summer cycle, the number of homes sold dropped from 79 to 66. From a year over year, the average and median price dropped identically at 14% versus July, 2007. While that seems like a lot at first glance, there have been a few spikes up and down throughout the year and July, 2007 was one of them. The days on market did stay the same, just lowering by 1 day to 66 for sold properties. The number of for sale properties continued to drop since May, with 495 for sale properties in July. With the number of under contract properties going up to 52 that has made the absorption rate drop to 7.3 months of inventory. Still tilted towards a buyers market, but homes are still selling. As vacations end, we should hopefully see activity pick up even more.

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