July 2010 Existing Home Sales from NAR

Just released data today from NAR confirm the recent softness in real estate markets with July existing home sales down a whopping 27.2% from year ago levels. Total units sold were 3.8 million, way off from the expectation of 4.7 million. In the South we were 22.6% below last year levels and median price was down 3.3% from July 2009.

Inventory levels continued to grow reaching a 12.5 month supply and is at record levels. Distressed properties accounted for 32% of sales and interestingly 30% of closed sales were to cash buyers. The market remains a buyers market and sellers need to be realistic about their pricing and make sure your home really stands out from the competition. This website is filled with details you need to help you understand the current values in our local area such as The Point, The Farms, and The Harbour at the Point and areas off Brawley School Road. I also have several "pocket listings" so if you are a buyer in the The Point, contact me.
(read the full NAR release here)