RMLS Market Action for August 2011 was released yesterday. Inventory is up to 7.0 months. Six months has been considered the equilibrium in the past but with the market changing so much in the last few years one has to wonder if there will be a new normal? There are just under 12,000 home for sale.
Pending sales and closed sales were both down compared to June 2011 but up considerably this time last year. The average sales price was up 3% from June 2011 but of course is still below July 2010.
I’ll update the local inventory by RMLS area and post that soon. We typically see the local inventory track about a month less than the Metro inventory.
RMLS Market Action August 2011 | Presented by the Turner Realtors Team