The Sky Is Falling...or...maybe not.

HOME SALES ARE PLUMMETING!

-No, they're not!

-Yes, they are!!

-No, they're not!!!

-Well the Washington Post says so!

-Actually, the Post headline is referring to NEW HOME sales (See "Behind the Headlines" below).

-Oh. Well, what about resale?

-Compared to May of last year, May’s sales were UP 19.2 percent. Furthermore, new home sales made up only 5% of all home sales in May.

AND...the headlines we read and hear are National statistics, not local ones. We aren't necessarily setting the world on fire at the moment in DC, but we are definitely ahead of most of the rest of the world.

For local real estate news check out Long & Foster's Market Minutes


Behind the headlines

The news agencies and media are reporting:

• Big decreases in home sales
• Housing stats paint a deteriorating housing recovery
• The housing market is "double dipping"

The facts are:

• New home sales (only 5 percent of the market) are down, but existing home sales (95 percent of the market) are up.
• Written contracts were down in May, but we projected this with the pull-forward phenomenon caused by the tax credits.
• We expect June numbers to get back on track as the market works through the ripple effects of the tax credit.


If you are interested in more about this, my company, Long & Foster has a number of statistical resources I can either send you or point you in the direction of... Or click this link for immediate info: Long & Foster's Market Minutes