Let’s review May 2009:
Initial May Closings- 9238; Average Sale price $165,500; Median Price $120,000
Let’s Compare April 2009 to May:
Closings +8% (every month this year has shown an increase); Avg SP- UP $5800 or +4% 2nd increase in a row after basically 22 months in a row of declining Avg SP; Median Price UP $4500 or 4% again after 22 months of decline.
Let’s compare May 2009 with May 2008:
5/9 Closings UP 63%; Avg SP down 39%; Median SP down 41%.
Let’s review YTD:
YTD: Jan-May 2008-21,188
YTD: Jan-May 2009-35,657 or plus 68%
May 2009 was also the 12th month in a row of Same Month/Yearly increases. These 12 increases follow 32 months of Same Month/ Yearly decreases.
But do these numbers tell the whole story? Noooo, there are so many pocket markets and so many REO’s and short sales to account for. Tune in later this week for the Rest of the Story.
