June Existing Home Sale Drop 5.1%

June Existing Home Sale Drop 5.1%
Thursday, July 22, 2010 Fox Business Website

Treasure Valley Real Estate Market – How are we doing In Idaho? The Western Region including Idaho but basically CA since the numbers are so large there was down 9.3%. So the Treasure Valley fared a bit better than that; but here is a more detailed comparison with national numbers.

According to the National Association of Realtors June numbers for RESALE homes in the US:
(This does not include Condos, Townhouses, or New Construction of any kind)

Sales in June were down 5.1% from May
Ada County down 8.2% from May
Canyon County down 4.8% from May
Sales in June were up 9.8% from June 2009
Ada up 4.6%
Canyon up 27.8%

Average Price was up 4.5% from May to $230,900
Ada up 1.6% from May to $186,695
Canyon down 3.5% from May to $111,462

Average Price was up 1.4% from June 2009
Ada down 10.7%
Canyon down 17.0%

Median Price was up 5.2% from May to $183,700
Ada up 4.2% to $159,900
Canyon up 3.0% to $97,750
Median Price was up 1.0% from June 2009
Ada down 8.6%
Canyon down 12.4%

Conclusion: Canyon County lower price point has generated more sales in terms of units. There are regions of the country doing much better than Ada & Canyon right now; but in the West we are holding our own.

Real Estate Life After the Tax Credit

Well, we all knew that the government was pouring gasoline on the fire to try and make it burn. Now that April 30 has passed we can measure the effect and it is startling!

Looking at Ada County. In April there were about 680 closings and an increase of pending business of about 150. So that means roughly 830 contracts were written.

In May there were also about 680 closings but pendings went down by 350! That means that there were only about 330 new contracts written.  Check me on this; but I think this is right. . .

Wow! And June sure feels quiet as well. This does not look promising. What do you think?