It is too early to tell because there are so many end of month closings and late reporters. With that said, based upon what I am seeing so far on a y-o-y basis:
Attached market volume stabilized a bit. Closings should be flat or maybe even up a little. Prices look to be flat also based upon the means.
Dettached market volume down about 20%. Prices on a $/sqft basis down about 3.5% so far.
My take is what I’ve been saying for several months now. A quick initial decline and then slow decay for the rest of the cycle with most of the decline ona real rather than nominal basis. The attached market took a big hit early on and the decline from here seems to be slowing down its pace. The detached market started its decline and we’ll see a decent nominal drop starting in late Summer and then prices with stabilize a bit on a nominal level next Spring. Also, some areas will fare much better than others.
In my submarket sales volume is already up about 20% over last year and should end up with an increase of 30% over last April.
Take it for what its worth.
