Yesterday Jay Butler, director of Realty Studies in the Morrison School of Management and Agribusiness, released his monthly report for May. He started with:
Traditionally, May is one of the stronger months for resale housing activity.
Butler is right- the summer home selling season should be in full swing, but rush hour here isn’t looking much different than the middle of the night. At 5,220 recorded sales, home sales are down 24% year-over-year. Sales are not only off the frenzy of 2005, but significantly slower than any May in at least the past six years: [According to ARMLS, 6244 homes sold in May 2001- I don’t have data from previous years.]
According to Butler’s report:
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