MAY 24TH WEEKLY MARKET REPORT
As expected, pending sales continued their post-tax credit deadline swoon in the MRIS region for the week ending May 15. There were2,243 purchase agreements signed for the week, a large drop from the mark of 5,115 seen two weeks ago during the final week of the credit. The most recent week represents a 11.9 percent decrease from the same mark last year.
New Listings are also in decline, with the 4,158 posted for the week coming in at 4.5 percent behind a year ago. The decline in new supply is helping to offset some of the decline in sales, which is
serving to hold inventory relatively steady for the time being. It remains to be seen whether the large drop in activity is a temporary post-credit blip or a harbinger of a longer-term demand “cool down.”
We’ll continue to keep a hawk’s eye on the numbers in the weeks ahead.
