Monday, August 8, 2011

Albemarle County Home Sales Plunge 43% in July

Completed transactions for single family homes fell off a cliff from June to July 2011.  Remember, these contracts were written in May and June--long before the confidence-shakers of the debt ceiling debacle, fears of 2012 Recession, announcement of local rising unemployment, S&P credit downgradeSpring Selling activity was strongest in March and April this year; inventory's high but primarily unappealing.

GRAPH: The blue line of June 2010 indicates the last closings eligible for Homebuyer Tax Credits.  The green line of July 2009 indicates the much higher sales during the depths of the "Great Recession."  July sales declined y/y from 2010 to 2011. Click for larger image in new window.

2011 home sales are bad news for sellers: Albemarle County home sales volume has plunged back 10 years, despite rising population, low mortgage rates, hundreds of new homes built in the past decade.

Numbers sources: here and here.

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