Monday, August 23, 2010

MRIS July 2010 Housing Report

MRIS released its data for July about two weeks ago. I think the report's a little deceptive. Yes, average prices are up. However, unit sales and dollar are down. It turns out that having 50 units sell for more than $1 million can sure juice the month's average sales price. Oh, and has anyone mentioned that inventory has exploded?

Key points in July's data:
  • YoY, aggregate dollar volume fell 7.02% and the number of units sold cratered 18.36% [I learned a new verb!]. However, average sales price rose an impressive 13.9%.
  • Condo dollar volume fell off a cliff, down 17.98%. Home dollar volume was comatose, down 0.4%.
  • Condo sales volume were pushed off the cliff, down 29.45%. Home sales volume was down 8.26%. 
  • Average prices exhibited a split personality. Condo prices increased 16.26%, while home prices were up 8.57%.
At July's sales rate there's a 7.02 months supply of condos and 5.17 months supply for houses. More ominously, compared to June the condo inventory grew 23.3% while that of homes blossomed 35.73%.

Detailed Data
Average Sales Price

Dollar Volume

Transaction Volume


PleasantPlainer said...

How many of the $1mm units were condos? Maybe that would explain the condo price rise double houses?

Keith said...

9 of 218 condo sales were priced between $1-2.5MM.