My head is spinning on my first day back to Flagstaff real estate with all that is going on. I had a refreshing break at a family wedding in Winthrop, Washington, but, gosh, was it hot there. And, it didn't cool off at night! Give me Flagstaff any day!
Good news on the national home sales front in this morning's financial reports: The National Association of Realtors®pending home sales index rose 3.6% in June after an upwardly revised gain of 0.8% in May. The overall index is 6.7% above June 2008's level. This makes five straight months' of gain in the pending home sales index, which counts homes listed in multiple-listing-services around the country that are under contract for sale. Typically, 80% of those homes close, according to NAR. (In Flagstaff, my contract-to-close ratio is much better, but even that has suffered in this market where getting loans closed is tough.)
It's not time to break out the champagne as there is a lot to work through -- meaning a lot of inventory. In addition to additional foreclosures that are likely to come onto the market over the next few months, there is "shadow inventory," which consists of those people who haven't wanted to sell in a falling market, but may move their homes to listed status when they perceive the market stabilizing.
Look for the Flagstaff home sales update based on July sales, here, in a few days. |
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