May took the spring jump in sales in the MRIS region to an even higher plateau, recording 12,916 pending sales for the month – a whopping increase of 30.3 percent from May 2008.
Unfortunately, as we’ve mentioned before, the jump in pending sales over the last few months is not translating to a similar jump in closed sales. Closed sales for May were actually 4.3 percent lower than last year. Year to date closed sales are down 1.7 percent from last year. Clear indicators that more sales are getting stuned somewhere between the acceptance of an offer and the final closing table.
The overall median sales price remains in decline due to increased market share of foreclosures and short sales.
