Things did not pan out in June of 2012 as many real estate agents would have no doubt preferred. This is evidenced by a 15.2-percent decrease in total pending sales, from 46 in May to just 39 in June. Even worse, compared to last June’s total of 56 this represents a far worse 30.4-percent decrease in pending sales. In fact, June marked the 2nd straight month that pending sales fell after climbing to a 15-month high of 74 in April of 2012. Even in our quarterly analysis, there was a 1.9-percent decrease in the average number of pending sales logged each month, from April through June of this year relative to this same period 1 year ago.
But all was not lost. Even though June’s total of just 59 closings represents a 7.8-percent decrease versus the previous month’s total of 64, compared to last June’s total of 51 this is actually a nice 15.7-percent increase in total sales. Further still, from April through June of this year, the average number of monthly closings rose 11.3 percent compared to this same quarter 1 year ago, or 59 versus 53 respectively.
It is clear that the market has more than enough homes already for sale; which is while piling even more listings on top of that is a bad thing. But this is exactly what happened in June as an additional 15 homes were placed on the market, making for 6.9 percent increase in total inventory. Even compared to last June’s total of 301 listings this is a 3-percent increase. From April through June of this year there were, on average, a total of 295 homes on the market each month, or 3.9 percent more, compared to this same quarter 1 year ago, when the average was 307.
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