Home Sales Fall As Expected

Home sales are falling, just as we predicted each time we tracked the pending home sales information from the Tallahassee Board of REALTORS Multiple Listing Service. We knew if pending sales were falling, then closed home sales had to follow suit.

Closed Home Sales Decline In Tallahassee

Closed home sales, tracked on a daily basis in the Tallahassee MLS, have declined steadily since the end of the Homebuyer Tax Credit (where closed home sales were pretty much completed by June 30, 2010.

Closed Home Sales In Tallahassee Graph

The "market bottom" that we observed in August 2009 is still holding, but we have every indication to believe that a new one will present after the turn of the year. With pending home sales having reached a new market bottom, it is very likely that closed home sales will follow suit.

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