Signed purchase agreements (pending sales) in the MRIS region continue to post robust numbers this spring. In April there were 12,874 pending sales, an increase of 24.8 percent from April 2008 and the 5th consecutive month of year-over-year increase.
Unfortunately, the jump in pending sales over the last few months is not translating to a similar jump in closed sales. Closed sales for April were actually 7.8 percent lower than last year, which is the 3rd consecutive month of year-over-year decline.
The overall median sales price remains in decline due to increased market share of foreclosures and short sales. The April median sales price of $255,000 is 15.3 percent behind April 2008.
