Monday Market Memo…for August 11-August 25
Well, I missed last week, so here are two weeks in one.
Below are the numbers for last week. The week of August 11–18. Notice the high number of new listings for the third week in a row. I think that is the largest surge of the year so far.
Pendings, and Closings were healthy, in fact they were significantly higher than the average for the year..
This past week saw the numbers for everything except the total inventory drop. The change for new listings, closings, and pendings was not significant.
But the total active listings is now at the highest level since I have been keeping these statistics and it appears to be still climbing. The increasing inventory indicates a reduction in demand.
Below are the statistics for the week of Aug 18–25, 2008.
In fact the inventory has increased by 12% since May of this year. If the inventory continues to increase, it will push the Days On Market, (DOM), numbers out even further. That will create pressure for people to lower their prices to get their homes sold.