Posted by Jonathan J. Miller -Thursday, July 22, 2010, 1:43 PM
Other reports we prepare can be found here.
…There were 5,902 sales in the second quarter, 49.2% more than the 3,956 sales in the same period last year and up 54.7% from 3,814 sales in the first quarter. The 54.7% increase in sales from the prior quarter exceeded the 36.2% seasonal increase of the previous five years. Listing inventory showed stability in the second quarter, up a modest 0.6% to 23,620 from 23,485 in the same period last year and the 13% increase from 20,902 in the prior quarter, which was consistent with the 12.4% 5-year seasonal increase over the same period. As a result of stabilized inventory and rising sales, the monthly absorption rate-the number of months it would take to sell existing inventory at the current pace of sales-fell to 12 months from 17.8 months in the prior year quarter. The current absorption rate was faster than the 13.2 average monthly rate of the past five years…