Major drop in market activity for May 2010 – pending home sales (277) for May 2010 have dropped 39% compared to the previous year May 2009 total of 453.
The first time buyer tax credit deadline played a huge role in getting the buyers to write offers by the April 30 deadline, thereby pulling a great many number of transactions that would have occurred in May into April. This created an inflated April number and a very weak May total. The big question now is - what is going to happen in June 2010? I believe we will see less buyers this June compared with June 2009 when there were 494 pending home sales. Look for somewhere in the range of 300-325 sales for the month of June which would still be a decrease from June of 2009, but would still give a 4 month total ahead of last year by about 5%. Without the stimulus of the tax credit, we would more than likely have seen a decrease in the volume of units sold rather than the 5-7% increase.
Now is still one of the best times to buy a home in the
Whether you are looking to buy or sell in this current market, call John Luca now for a free consultation to see what makes sense for you 302-999-6966.