Montgomery AL Real Estate Sales Statistics - July 2010

Friday, August 27, 2010

by The Hat Team

Pending home sales in June edged lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index declined 2.6 percent to 75.7 based on contracts signed in June. Down from 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values. Some local markets continue to show strengthening prices.”

Let’s take a look at the Montgomery AL real estate market for July.

Montgomery AL real estate sales statistics for July show pending sales have decreased by 5% in 2010 compared to July 2009. The average sales price increased by 3% to $134,969 while sold listings were down by 18% from 2009. Market times increased in 2010 by 39 days.