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July 16th, 2008 5:42 PM by David W. Welch
Total inventory in the tri-county area is 26,540, which is down a little bit. The total pending contracts is also down a little bit to 3,486. Closed sales so far this month are also running a little bit behind June's pace. There are currently 486 closed sales with a median sales price of $205,000 (also down from June's $217,500). The pace of new contracts seems to be holding about where it was in June, and the inventory of foreclosures has creeped up a bit to 5,073. With all the bad news in the financial and mortgage markets lately, I am not surprised that closing are little behind. Hopefully, with the rally in the stock market today we may have a little more optimism.