August housing sales recover from July dive after expiration of tax credit.
August housing sales declined for the second month in a row with unit sales dropping 13.7 percent from August 2009 according to the REAL Trends Housing Market Report. While the decline was expected the results beat most forecasts. The average price of all homes sold increased 5.0% from the average price recorded in 2009. Total sales volumes decreased 9.4% from the same month a year ago. The August 2010 results were 29.2 percent below the August 2007 results the first year the REAL Trends Housing Market Report was published.
Housing unit sales for all regions fell in the last twelve months with the Northeast showing the greatest decline of 18.4 percent. The Midwest region saw unit sales decline 16.9 percent and the West 13.8 percent. The South turned in the best results with declines of only 8.6 percent.
Average prices of homes sold in August 2010 increased in every region when compared to August 2009. The Northeast had the best performance with an increase of 13.5 percent over the last twelve months while the West saw prices increase the least with an increase of 1.8 percent over August 2009. The South was up 3.0 percent and the Midwest was up 5.5 percent in the last twelve months.
Housing Market Report
REAL Trends Housing Market Report
August2010 July 2010
(Versus same month a year ago)
Closed Sales AVG Price Closed Sales AVG Price
-13.7% +5.0% -20.4% +6.1%
-18.4% +13.5% -20.4% +11.4%
-8.6% +3.0% -18.9% +3.0%
-16.9% +5.5% -27.4% +2.0%
-13.8% +1.8% -16.8% +4.0%