It seems that the effects of the $8,000 Tax Rebate has all but evaporated. Although the “close by date” for the program was extended through September 30th, 2010 for all but non-military buyers, it appears that the majority of the pending sales were in fact closed by the original dead line of July 30th, thus providing the backdrop for the significant drop in closings for July.
There were 3,887 closings for all single family units in July which was a decrease of 28.1% from July 2009. This is the second consecutive year to date decline after 8 months of increase out of the last 9.
There were 3,311 closings in July for all single family detached homes, which was a decrease of 29.3% compared to July 2009. We are now 510 closings behind for the year compared to the same period in 2009.
There were a total of 576 closings for all single family attached units in July, which is down from 725 from July 2009. This is a 20.6% decline over the same 2009 period. However year to date closing for single family attached are 598 higher than the same year to date 2009.
Average Sale Prices
The average price for all single family units in July was $213,902, which is 3.1% higher that July of 2009. We may not see an increase in values like this for some time now that the effects of the Tax Rebate have been experienced.
The average price for single family detached units was $226,186 in July which is a 4.9% increase over July 2009.
The average sales price for all single family attached units in July was $143,290 which is a decline of 7.7% from July of 2009. This is the 33rdyear to year decline in the last 37 reporting periods. In light of the number of new construction units available this downward trend will probably continue.
In spite of historically low interest rates the real estate market continues to struggle with establishing a foundation for recovery. In the absence of incentives, low rates are not providing an environment conducive to encourage would be buyers to enter the market. Until the job market begins to turn and people return to work, we will continue to struggle with excess inventory and flat or declining values. Please use your vote in November to reflect this critical issue.
Realtor.com July Home Sales
Pending Home Sales
Van Purser is a licensed real estate broker in Georgia. Since1981 he has successfully purchased and renovated over 400 homes. His expertise is in the area of foreclosures, rehabs and fixer uppers. Additionally, he has represented hundreds of clients over the years as a broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, who is also a broker, have been married since 1977. For follow up on this article you may email Van at VanPurser@VanPurser.com
Van Purser and his wife Jeanne are a licensed Real Estate Brokers in Georgia. Since1984 they successfully purchased and renovated over 400 homes. Their expertise is in representing Buyers or Sellers as an advocate; which means always ensuring their best interest. Additionally, they represented hundreds of clients over the years as an Associate Broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, have been married since 1977. Van or Jeanne can be reached at 770-623-3313, or by email at email@example.com or firstname.lastname@example.org.