The weekly MLS data is out, and frankly, it could be a lot worse. I thought it would be a lot worse after reviewing pending numbers last week. It didn't appear that new contracts were replacing the pending and contingency contracts after the end of month sales bloom that always happens, but they have caught up somewhat, and while it is not any kind of boom, the numbers are respectable. Here they are.
10/01/07-10/07/07
Pending Sales: 3940 (+283 from last week)
Pending Sales + Active W/Contingency 4390 (+282 from last week)
Sales Closed 552 (-743 from last week)
Active Listings 57212 (+669 from last week)
Sales were down from the previous week, as normal the first week of the month. The homes under contract is building a little, but I still think we are going to see some weakness as a result of the mortgage crisis that hit its apex in August and September. There were also over 3100 new homes sold in August, as builders continue to make buying a new home very competitive. This is the 5th straight month that new homes sales in the valley have remained steady or positive. (See previous post for details.)
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