Homes for sale show first decline in years
By Greg Sax on Wednesday, June 11th, 2008
There are fewer homes on the market today than there were a year ago. This is good news. It’s the first time that we have been able to report negative year-over-year movement in monthly inventory since we began tracking the figures in 2004.
As for new listings, there were 9,436 of them in May 2008, down a healthy 16.2 percent from May 2007. Traditional, non-lender-mediated new listings (excluding foreclosures and short sales) were down 31.5 percent for the same time period comparison from 10,349 in May 2007 to only 7,092 in May 2008. There were a total of 4,418 pending sales in May, down 7.6 percent from one year ago, a much smaller percentage decline than seen in new listings.
The May median sales price of $205,000 is a slight uptick from last month, but down 9.9 percent from a year ago. Lender-mediated properties had a median sales price of $156,250—down 8.0 percent from last May—while traditional properties had a median sales price of $226,000, a decline of only 3.8 percent.
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