July market report repeats pattern for the year
08/15/2014 12:46 PM
08/15/2014 12:47 PM
You can almost see a pattern forming when you look at the overall sales activity in July’s single-family home market report.
So far this year, it’s been two months flat, one month up, two months flat, one month up. July is another of those flat months, according to the latest report from SiteTech Systems, and if you believe in cadence, you’ll probably expect the same thing in August.
The months that have been up have been really up year-to-year. June, for instance, was more than 11 percent above June 2013.
In July, according to the report, one fewer home sold in this year than a year earlier, 496 versus 497.
But the single-family sales total so far this year is 6.4 percent ahead of the same time in 2013.
In case you’re prone to look at the report pessimistically,, you need to remember a couple of things, said Todd Woodard, president of SiteTech Systems.
First of all, the flat part of this year is compared to 2013, when single-family home sales reached record levels along the Grand Strand, surpassing even those of the boom days. So flat doesn’t look so bad.
“Still being at that high level, it’s a good thing,” Woodard said.
Secondly, there’s a possibility that there were late filings that weren’t recorded in time to make the July report. That’s already happened once this year, and the new numbers then changed what had been a down month to one that actually showed a gain over the previous year.
Woodard also noted that median sales prices continue to climb, up nearly $20,000 in July over the same time in 2013. He pointed out that the $195,000 median price in July this year is about where it should be in normal times.
Condo owners no doubt wish the same could be said for their side of the picture.
Condo sales continued their year-to-date slide, dropping 5.7 percent compared to July 2013, and the median price slipped as well, to $110,000, 1.7 percent below the year before.
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