Local June Real Estate Numbers
The June numbers are out and it is more of the same. It is definitely a slow, buyer’s market out there. And prices are still down from last year, but not by much. The actual amount of inventory is still falling which is good, but so are the number of sales per month. The sales data I receive is for Jackson County, Missouri, and Johnson County, Kansas, and the numbers are definitely rosier in Johnson County. Comparing June 2008 to last June 2007, the average sales price is down 8% in Jackson County, and only down 2% in Johnson County. Below is a chart illustrating the actual number of sales (not prices), for the entire metro MLS area. The neon light green color is 2008 numbers. You will see that the number of sales has been pretty steady over the course of this year, but still falling from previous years. With gas prices so high and the continued effects of the mortgage meltdown, I do not anticipate any sort of a rebound this year, but maybe after the election we may begin to see a light at the end of the tunnel. In the mean time, it is a major buyer’s market and rates are still good so I suggest that people really take advantage of this time while it lasts.
I’m not sure why some of those government reports have sounded so optimistic. I’m not a big fan of lowering standards just to make one feel better. That’s not an achievement. Just tell it like it is.