Dane County single family home sales were down 10% in July compared to July of 2007, while condo sales were down by 7%. The July condo numbers were a move in the right direction, as condo sales for each of the 4 prior months were lower by at least 25%.
One challenge we have with our real estate statistics is that they are all retrospective in nature; they only provide information on what has already happened. We'll address this by tracking the pending home sales index, which is designed to be a forward-looking indicator of sales activity. Once we get this up and running we'll be able to look forward in time and perhaps even gain some insight on when buyers begin returning to the market in a meaningful way.
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