August Sales Slowest in over 5 years

There were only 4,293 homes sold in August which is lower than any other month this year.  In fact, it is the lowest number of homes sold in any month since January 2002.  This is an indication which direction the market is moving.  With September upon us we are now approaching the traditionally slower time of the year in terms of real estate sales.  Don’t expect the sales numbers to improve for 6 months.  The perceived issues with mortgages will only continue to hinder the sale of homes for the next 6 months or so.  Unfortunately, there are 5,924 homes on the market with 47% of them vacant.  These vacant homes are really hurting the market and will continue to be a drag on housing until that number decreases.  Buyers that have good credit or have extra cash will find the next 6 to 12 months to be a great time to buy.  The best time to get into any market is when that market is depressed.  I think we can safely say the housing market is in a bad way at the current time.  Buying in the right areas is more of a key than buying at the right time.  If you are planning to hold onto a property for the next 4 years or so, buying now or waiting to buy in 12 months will not make much of a difference as long as you are buying in the proper location.  Of course, make sure you use and agent you can trust.