Tuesday, April 1, 2008

Slow Home Sales in March

The bargraph below shows that the number of Longmeadow home sales from January through March 2008 were significantly lower than results for the same periods in 2007 and 2006 (37 vs. 41 vs. 23 transactions). These less than impressive results were similar to other regions of the United States.

[click to enlarge chart]

In addition, the median price (6 month trailing average) fell to its lowest level since early 2007.

The above results are certainly not great news for those selling their homes. They suggest that further price attrition will occur before home sales increase.

However, next year we may all look back at this point in time and determine that 2008 was an excellent time to buy a new home.