Markets Take the Plunge in July
Metropolitan Monthly Monitors: Metro Resale Index August 2010
Metropolitan Monthly Monitors: Metro Resale Index August 2010
Urban City Economic Analysis
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- The emerging slowdown in resale markets worsened in July. Sales were below year-earlier levels in all 28 of our areas—and at least 10 per cent lower in 26.
- Slowing markets are also troubling homesellers. July listings were below year-earlier levels in 24 markets and below June volumes in 23.
- Market stances are also eroding. July’s sales-to-listings ratios were down on a year-over-year basis in 23 markets and down month-over-month in 13. Notwithstanding these developments, only four markets posted a “buyers” stance in July.
- Values are bearing up. Price growth slowed between June and July in only nine markets. Softening markets will, however, increasingly weigh on prices.
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