Pendings Rise, Actives continue to drop
Sales are light in August so far
Pending: 12,141 ( +204 from last week)
Pending Sfam: 10,582 ( +148 from last week)
AWC: 7,852 ( +53 from last week)
AWC Sfam: 6,816 ( +56 from last week)
Active: 19,702 ( -134 from last week)
Active Sfam: 15,570 ( -128 from last week)
Closed 8/8-8/14/2011 1,528
Closed sfam: 1,311
MTD: 3,376
The closings were surprisingly light so far in August, but the pending sales are still climbing, albeit slowly. We are still in the slow summer period, so its not unexpected. Actually this is all pretty good news, as if we can keep inventory levels where they are through the summer and fall, it shows we have some stability.
Sales are slowing, but we are still going to be better than last August. I don't know if it will be as high as July though yet. It is encouraging to see that pendings are still rising, along with a falling inventory. I don't have a lot of time today, so I am going to wrap this up, but these stats show we are moving in the direction we want. Active single family inventory in the 15,500 range? That is incredible when put in perspective. Pricing was down in july, but it does look like we are going to be going in the right direction even on that. We might not finish much higher in August, but the median price is even trending higher.
I will be back next week with a better post!
chris
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