The market has been fairly unchanged in the past 30-60 days, but there are a few hopeful signs that an improvement may be on the horizon.

June 2007 vs. June 2008 figures:

• Under $275K, there was a 14% decrease in sales as compared to June 2007 and the current inventory reflects a 46.1% increase in the supply of homes over the figures for this same time last year.
• $275-600K, we have experienced a 26% drop in sales as compared to last year, with the inventory up 40%.
• $600K+ price range has experienced a 50% drop with a 108% increase in inventory which represents a 21-month supply of homes now.

Although comparisons to last year seem rather dismal, June 2008 figures (for mid-range homes from $275K-600K) show an increase of 7.5% over last month and the total inventory dropped by 5.2%. This is a trend we hope will continue. The lower and higher ranges did not fare as well.

It feels like the market was a bit more vibrant at the end of June, and I hope that will continue into this new month. Personally, I’m happy to report an increase in activity with my own listings and showings.

Please note: When I report data, I’m giving you information on what’s gone under contract within the past month — so my figures for this area are more up-to-date than the national data you see reported in the news. Why? National figures for existing home sales data typically lag the market by 30-60 days because they report only closed sales, not those under contract.

Visit my sales trends section to learn more about local home sales.