June sales improved 4% to $147,761,185 vs. May at $141,542,639 This was 1% below last year’s $149,428,529. The twelve month moving average line on the total dollar sales chart has a small hook up at the end.
Total unit sales increased .2% to 871 in June vs. 869 in May, an increase of 2. This was 3% unfavorable to last year at 897.
Note that our projection for June was 920, so the actual results were 5% unfavorable for the month and .3% favorable year to date. (Full spreadsheets and projections (a joint project between ACRE and Brander Real Estate) are available at http://goo.gl/WFHrO) .
New sales were better with 143 this month vs. 132 last month, increasing 11.
Used sales decreased to 728 this month vs. 737 last month, decreasing 9 (Sect E p.3).
Used inventory levels remain high this month at 12 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $100,000 are still over 12 months of inventory and over $500,000 have about two or more years of inventory.
New home absorption is 8 months of inventory overall, (with last month at 10 months) (E-1). The New Home inventory level in the $300,000-$400,000 is approximately 5 months (not bad).
There continues to be a large number of housing permits issued in Huntsville city given the market conditions. For May there were 115 (est. by census dept.-apparently the Huntsville government has not reported for the last two months), up from 104 in April (chart on the web site).
Total Active listings decreased this month to 8,627 compared to last month’s 9,283, which is below last year at this time at 9,656, with the reduction exaggerated due to month-end expirations.
(Sect A p.4 and Sect E p.3). The reduction in inventory is a good thing. But we must note that the inventory level has remained constant over the last few months, stopping the decline.
Active New listings decreased from 1,485 last month to 1,173 in June, down 312. (Sect E p.3). Active Used listings decreased from 7,798 last month to 7,454 this month, down 344 and below last year’s amount at this time of 8,331. (Sect E p.3).
Average Days on Market for Sold New homes was 157 vs. 170 days last month, with Used at 155 in June compared with 162 in May (Sect A p.18). Sellers, including bank owners, who do not adjust to the new price reality contribute to the buildup of inventory.
Average sales price for Sold New homes was $238,308 vs. $226,837 last month. (Sect A p.2)
Average sales price for Sold Used homes was $156,158 vs. $151,425 last month. (Sect A p.2)
The average price lines for Used homes, is once again showing some stability. New homes average price seems to be showing some positive direction. Prices for individual properties remain under pressure.