This is a preliminary report for home sales in one of the nations most stable real estate markets for the month of June, second quarter, and first half of 2008. The numbers will change slightly as member brokers of the Capital Area Association of Realtors have through July 3 to report sales for June. Don't expect any significant changes.
The one trend that stands out is the median sale price. On the strength of a 1.1% increase in June to $114,750, the second quarter increased $500 or less than one half percent to $107,500 over 2007. The first half of 2008 median sale price is up $3000 to $105,000 or by 2.9% over 2007. The reason this stands out is this represents a marked slowdown in the rising median sale price. This probably is the result of fewer sales, and record inventory.
Closed home sales for June stand at 360 at time of report or down 21.7%. Anticipate a few more sales to be reported, with a decline of 90 to 95 home sales or a 19 to 20% drop from June 2007.
Closed home sales for the second quarter are down by 164 or by 13.1%. The slowest second quarter this decade. With sales pending off in June don't expect a rebound in closed sales in July.
Closed home sales for the first half of 2008 are down by 322 to 1755 or by 15.5%. Final numbers will probably finish at 1760 to 1765 closed home sales. Following the expiration of 101 listings the past 48 hours, the number of homes listed for sale stands just under 1900. Clearly a greater than 6 month inventory of homes for sale.
Sales pending fell by 80 or by 16.8% in June; by 173 or 11.7% in the second quarter, and by 364 or 13.6% in the first half of the year. With the tougher lending standards, tightening appraisal values, and a home seller's greatest nemesis the home inspection, approximately 20% of sales pending fail to close.
The slow down in the Midwest's best market in 2007 is indicative of the recent pull back in consumer spending resulting from high fuel prices which is causing the price of just about all consumer products to increase. Just ask the auto industry, or Starbucks.
With a complete lack of leadership from the Democrats in the State, and in the U.S. Congress don't expect any price relief at the pump anytime soon. Yesterday the Dem's Harry Reid continues to do nothing to help increase production of oil by standing with the environmentalists by saying oil and coal make us sick. Oil and coal make the economy healthy Senator Reid. Lower fuel prices would bring down food and other consumer prices, and create jobs.
This is 2008 where production and use of these energy sources can be done in an environmentally safe way. Ask any miner that wants a job, a working single mom, or construction worker what their opinion is. Senator Reid would rather starve the miner, his family, and see you pay more at the pump. For Democrats to say they stand for the working man is mere rhetoric, their actions harm the working man. All for personal political gain. Time for Reid to go, or start acting in the best interests of the people.
The people of this country better wake up to the fact that the Democrats will destroy the economy in favor of promoting climate change (a/k/a global warming) for political gain, because they are owned by environmental extremist's lobbies and philosophy. This is nothing more than promoting a Socialist movement to gain control over your lives. It has nothing to do with the environment.
In my opinion the people of America had better kick the Democrats (and any Republican) under the bus that supports extreme actions due to the fallacy of climate change, over the price of gas/food/energy you pay, crippling the economy. Time for a return to common sense, and practical programs that will lower the price of gas/food/energy.
Enough of the liberal feel good environmental political correctness, and put people above political ambition.
