Sure, you’ve heard that with the expiration of the $8,000 tax credit that home sales have declined. But do you know what the decline looks like? Take a look at this graph, and check out the direction of 2010 home sales: [Data from ASU Realty Studies- sales do not include foreclosures]
While it is not unusual for home sales to cool this time of year, a 30% YOY drop is significant- we haven’t seen that severe a drop in home sales since November 2007. All of a sudden, home sales have gone from tracking the good years into the poor range. It may only be one data point, but there’s no reason to believe that this is an anomaly: [Thanks L!]
Home prices in metro Phoenix are falling again, and new data about upcoming sales suggest that they are likely to keep falling over the next few months, bringing concerns of a housing-market “double dip” closer to reality.
[I]n July, the median sales price of a metropolitan Phoenix house fell more than 2 percent, according to the real-estate research firm Information Market. It was the first time the area’s median has fallen below $130,000 this year, and the second month in a row that home prices fell.
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