Sales price per square foot has decreased in July. For condos and houses the amount paid per square foot has decreased to the lowest point of anytime since Jan 2007. From Mike's stats:
SFH --- July 1-24: $289 ($298) June: $305 ($309)
Condo - July 1-24: $297 ($305) June: $303($309)
Also from Bob Truman's blog Sales continue to improve I would like the point that looking at YOY change only in sales can be confusing.
Single family home sales volume, after being down 34% for the first five months of 2008, showed an 18% drop in June, and July sales are down 12% compared to 2007.What Bob fails to mention is that some of that difference is attributable to the deteriorating conditions throughout 2007. So while the may have been some seasonal improvement late this spring there is also the fact that we will begin to compare to sales at the beginning of the downturn. See this chart showing how sales in 2007 compared to 2006. Consider also that smaller year over year losses still show year over year losses!
Remember comparing to ridiculous five year averages or ignoring "boom" years when looking at sales this spring? Sorry can't find the links maybe someone can help me out?
4 comments:
"So while the may have been some seasonal improvement late this spring there is also the fact that we will begin to compare to sales at the beginning of the downturn."
With the uptick in sales, it's going to be fun watching all the rationalizations here. You took great pleasure in comparing the low sales early this year to the record sales of 2007. It should now be fair game to compare them to the "downturn."
Don't insult our intelligence with this shallow and transparent "analysis".
Sales have improved in June I am not denying that.
I am just pointing out the fact that as the year goes on we will be comparing to weaker sales. Some people might find this informative others might find this threatening.
with a name like double standard its obvious your a realtot
so we should do as you say not as you do
sorry but it dosnt work that way
realtots distort all information as they think they are smart but on a daily basis in full public view they embarrass them selves with their foolish uninformed statements and blog postings
reading the blogs the housing bulls are becoming more belligerent and abusive on a daily basis..they are out of touch with reality and obviously clueless when it comes to economics..they dont understand why real estate prices are crashing and thus become frustrated and eventually totally broke
What "uptick" in sales are you talking about ?
The fact that reators deliberately lie and distort reality, in order to earn an income is what needs to be rationalized.
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