Some days, it’s tough for Realtors to get out of bed.
Today was one of those mornings, knowing as I did that the National Association of Realtors would be releasing their report for July existing home sales.
The news was worse than expected. Nationally, sales fell by more than 27 percent; the largest decline in 15 years.
Worse yet, Minneapolis lead the nation in declines, with sales down 42 percent from their mark one year ago.
August doesn’t appear to be faring any better. For the week ending August 14, pending single family home sales were down 38.5 percent from last year.
In fact, over the last three months, there have been 5,812 fewer pending sales than there were one year ago over the same stretch of time.
Pending duplex and small multi-family property sales also declined 24 percent from the same week last year. Of those property owners who accepted purchase agreements, 74 percent were or had to involve lenders in their negotiations.
Traditional sellers eased ahead of foreclosures and short sales in the new listing category, bringing 53 percent of the listings to market.
The silver lining may be that while duplex and small multi-family sales were down, the average off market price of $126,742 was 11.9 percent higher than the sold price of last year.
Somebody wake me when this is over.