Home Sales (and Inventory) Soar in June 2010, Contracts Decline


Home Sales (and Inventory) Soar in June 2010, Contracts Decline
By Scott Rogers • July 8, 2010
Click here for the full July 2010 Harrisonburg & Rockingham County Real Estate Market Report. We're not out of the woods yet, but several indicators are quite positive in the Harrisonburg and Rockingham County housing market. As can be seen above, June 2010 home sales soared up to 116 transactions -- the highest number of monthly sales we have seen in almost three years. Many of these home sales were likely a result of the home buyer tax credit deadline, so we may see a decline in July home sales. Above, you will note that long term indicators continue to trend very positively. This graph shows a rolling 12-month sum of home sales to remove the seasonal variation in sales. After several years of a declining market (in number of home sales), we have now seen a stabilization and increase for over six months. Despite good signs as far as closed home sales go, the number of buyers committing to buy during June 2010 (contracts signed) declined, both compared to the last several months, as well as compared to the past three months of June (2007, 2008, 2009). This will likely result in lower levels of home sales in July and August. In addition to home sales, inventory levels also soared in June 2010 -- cresting above 1,000 homes for sale for the first time in recent past (and maybe the first time ever). We should see a decline in inventory over the next six months based on historical seasonal trends. Learn even more about our local housing market: click here for the full July 2010 Harrisonburg & Rockingham County Real Estate Market Report. Do you have questions about this report, or about the Harrisonburg and Rockingham County real estate market? Or about your house? Or about a house you might buy? Be in touch . . . Scott Rogers \| 540-578-0102 \| scott@HarrisonburgHousingToday.com Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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