Weekly Market Activity Report 5.19.08
By MAAR on Monday, May 19th, 2008
"X" marks the spot on your typical pirate treasure map, but it can also be an intrepid signifier of a changing market. This edition of the MAAR Weekly Market Activity Report shows off a big, bold, red "X" on our "Last Three Months Inventory for Sale" graph (page 4). The diverging trend lines are a marked indicator that the supply of homes has been held at bay relative to recent years for the past several months. For the week ending May 10, the number of new listings was 15.5 percent behind last year. With new listings still sluggish, expect this trend to continue.
Pending sales were down 5.3 percent compared to a year ago. Yes, weekly pending sales are still battling to surpass last year’s numbers, but we hope to mark an uplifting "X" on our "Last Three Months Weekly Pending Sales" (page 3) treasure map later this year.
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