It’s not often that you get three posts on one day but RMLS Market Action for April just hit the streets. The trends are largely what we would expect to see in keeping with Case Shiller and other reports: “Also of note was the first decline in average sale price since August 2002 and in median sale price since May 2001 when comparing April of the current year to the same month the year prior. Average sale price dropped 3.9% and the median fell 3.5%.”
One area of growth from March to April was pending sales, which grew 6.8% (2,070 v. 1,938). This is the first increase in pending sales from March to April since 2005. New listings also grew 2.7% (5,295 v. 5,155). Closed sales dropped 6.4% (1,582 v. 1,691). This drop is on par with the last three years, though, as closed sales have dropped an average of 6.7% from March to April.
This surprises on one hand as I am surprised the buyer pool in this range has changed much but on the other hand jumbo loans are harder to come by:
One factor in this price decline may be a 51.2% (21 v. 43) decrease in the number of homes sold for $1 million or more, when comparing April 2008 with April 2007. Year-to-date, sales in this price range are down 31.9% compared with the same time last year.