Year Over Year Homes Sales Decline Again
Last week, I reported that we had seen an uptick in the daily homes sales in the Tallahassee MLS, and we had seen a significant 5 week uptick in the pending sales in the Tallahassee MLS, so I was anxiously awaiting the sales data to see how we did in August versus 1 year ago.
If you have followed the Tallahassee Real Estate Blog for any period of time, then you know that we consider this the next major move in the market, year over year home sales improving. Unfortunately, August will not be the first month to show improvement, rather it will be the 38th consecutive month of declining year over year home sales in the Tallahassee housing market.
Year Over Year Home Sales Decline For 38th Consecutive Month
In the real estate graph below, each month is shown as a percentage change compared to its corresponding month from the year prior. This year, August is shown as 1.23% lower than August of 2008, making it the 38th consecutive month of declining home sales in Tallahassee.
Good News In Tallahassee Year Over Year Home Sales
While we dropped again, this was the lowest drop reported in the past 38 months. Additionally, that is three months in a row in which the drop percentage declined, indicating that we are heading to the market bottom. I had originally predicted that we would see the turn by the month of November, now everything is pointing to a September market bottom and housing market turn.
During the month of August, year over year homes sales in single family detached homes showed improvement, whereas condos and townhouses were still lagging and thus caused the "close but no cigar" results in year over year home sales reports. I really look forward to preparing this graph next month!
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