Not the #1 we were looking For....

[SON]

Said Lawrence Yun, senior economist for the Realtors.The states suffering the biggest drop in sales in the second quarter, compared to the same period a year ago, were Florida, down 41.3 percent, and Nevada, down 37.5 percent. Other states with big declines were Arizona, down 23.4 percent; Tennessee, down 21.5 percent; Maryland, down 21.1 percent, and California, down 19.8 percent.

 

[Smiling JOe]

Does the article note what they define "drop" as? Is it quantity of sales or price of sales?

 

[SON]

It was reporting the drop in sales.
SON

 

[SHELLY]

Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=ag085L2lL.CY&refer=home

U.S. Home Sales Slump to Four-Year Low, Prices Fall

Home sales fell in 41 states in the quarter, increased in six states, and remained unchanged in South Dakota. New Hampshire and Hawaii did not have data available, the trade group said.

Florida had the biggest U.S. sales decline, at 41 percent. Nevada tumbled 37 percent and Arizona fell 23 percent, according to the report.

Wyoming had the biggest sales gain, up 11 percent from a year ago. In Iowa, sales rose 4.1 percent and North Dakota saw an increase of 2.9 percent. Oklahoma, Indiana, and Nebraska all posted gains.

The biggest price losses in the second quarter were in Elmmira, New York, down 18 percent and Palm Bay Florida, dropping 15 percent. Sarasota, Florida, Davenport Iowa, tied for third place, down 11.3 percent.

---------------
ALTHOUGH: FAR reports a 30% drop in sales for the quarter:

Florida's Housing Market for 2Q 2007: Sales Activity Remains Soft

In second quarter 2007, Florida's housing sector in many markets continued to report higher inventory levels of homes for sale, median prices edging down and sales activity reflecting a buyer's market.

Statewide, sales of single-family existing homes totaled 37,709 during
the three-month period, a decrease of 30 percent compared to 53,723 homes sold during the same time a year earlier, according to the Florida
Association of Realtors(R) (FAR).

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/08-15-2007/0004646174&EDATE=

 

[fisher]

Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=ag085L2lL.CY&refer=home

U.S. Home Sales Slump to Four-Year Low, Prices Fall

Home sales fell in 41 states in the quarter, increased in six states, and remained unchanged in South Dakota. New Hampshire and Hawaii did not have data available, the trade group said.

Florida had the biggest U.S. sales decline, at 41 percent. Nevada tumbled 37 percent and Arizona fell 23 percent, according to the report.

Wyoming had the biggest sales gain, up 11 percent from a year ago. In Iowa, sales rose 4.1 percent and North Dakota saw an increase of 2.9 percent. Oklahoma, Indiana, and Nebraska all posted gains.

The biggest price losses in the second quarter were in Elmmira, New York, down 18 percent and Palm Bay Florida, dropping 15 percent. Sarasota, Florida, Davenport Iowa, tied for third place, down 11.3 percent.

---------------
ALTHOUGH: FAR reports a 30% drop in sales for the quarter:

Florida's Housing Market for 2Q 2007: Sales Activity Remains Soft

In second quarter 2007, Florida's housing sector in many markets continued to report higher inventory levels of homes for sale, median prices edging down and sales activity reflecting a buyer's market.

Statewide, sales of single-family existing homes totaled 37,709 during
the three-month period, a decrease of 30 percent compared to 53,723 homes sold during the same time a year earlier, according to the Florida
Association of Realtors(R) (FAR).

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/08-15-2007/0004646174&EDATE=

Closer to home here in Walton County--through June, SFH sales were down 16%, Condo sales were up 58% (preconstruction closings????), and lot sales were down 54%. However, unlike the majority of the country, sales were also down significantly in 2006 (SFH down 48%, condos down 55% and lots down 48%YTD in June 2006) so the cumulative decline in Walton County is probably near the top of the curve nationally.

HOWEVER, sales of SFH in June were actually up 1% over June 2006 and prices do seem to be firming up a bit in many areas even though inventory levels remain high.

 

[SHELLY]

HOWEVER, sales of SFH in June were actually up 1% over June 2006 and prices do seem to be firming up a bit in many areas even though inventory levels remain high.

:scratch: Hummm, let's see....

Prices firm.....inventory high








.

 

[SON]

From The Commerce Dept. Report today

Housing construction fell in all parts of the country except the Midwest which posted a 2.6 percent increase in July. Construction starts were down 11 percent in the South, 3.7 percent in the West and 1.3 percent in the Northeast.
The current housing slump is the worst since a downturn that occurred during an economic recession in 1990-91.