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June 2nd, 2008 6:13 PM by David W. Welch
I just pulled up the May sales numbers, and it is looking pretty good. The trend of increasing sales is continuing with 1,223 closed transactions. The surpise number is the median price of those closed sales. The median is up from April's $211,000 to $215,000. If this holds true when the official numbers are published next week, we may see some encouraging press. The number of active, foreclosure and pendings are dropped at the end of the month. Nothing really stands out, since many listings either come off the market, go into contract or close toward the end of the month.
As I mentioned last week, one month does not make a trend, but I am looking for prices to stabilize some at this point. This is four months in a row of increasing sales, and that is a good trend. We typically see this in the spring each year, but it did not happen last year. The numbers are still low, so I hope to see this upward trend continuing into the fall.