THE NUMBERS FOR THE MARKET THROUGH THE END OF JULY ARE AN INTERESTING MIXTURE. SALES PRICE IS UP, ALTHOUGH LOOKS SUSPICIOUSLY LIKE MERELY A TAX CREDIT BOOST. MY BELIEF THE REAL; IS THE TALE OF THE TAPE IN THREE MEASUREMENTS: 1ST IS INVENTORY UP 13% FROM LAST YEAR AT THIS TIME, 2ND THE COMPARISON WITH PENDING SALES FROM LAST YEAR AT THIS TIME DOWN 21% AND THE THIRD MEASUREMENT IS ABSORPTION TIME UP TO 246 DAYS, NOT THE MEASUREMENT OF STRENGTH HOUSING IS LOOKING FOR. A VERY BRIGHT SPOT IN THE REPORT FOR JULY IS NEW SINGLE FAMILY STARTS UP FROM LAST JULY, I HOPE FOR MY BUILDER FRIENDS THIS TREND WILL CONTINUE ALTHOUGH WITH NUMBERS ABOVE IT SEEMS DOUBTFUL. WHEN YOU MIX INTO THE THOUGHT PROCESS OF 50 YEAR HISTORICALLY LOW RATES SUB 4.5% FOR 30 YEAR MONEY THIS DOES PORTRAY A PITIFUL JULY PERFORMANCE.

Market update at glance   Year  Percentage Increase 
Yellowstone County  6/30/2101 7/31/2010   2009 2010 or -Decrease
               
Residential  Closed Sales Units   955 1014   6%
               
Residential  Pending Sales Units 295 232   -21%
               
Residential  Active Property For Sale 868 979   13%
               
Average sales price Single family Home $201,222 $208,803   4%
               
Average Square feet Single family Home 2290 2321   1%
               
Median sales price Single family Home  $180,000 $186,500   4%
               
Median Square feet Single family Home  2162 2184   1%
               
Average Days on Market Till Offer Received        
Single Family Home      67 61   -9%
               
Absorption rate -  TIME IN DAYS        
Time it would take for all existing   246    
properties to sell with no new inventory         
coming into the market place - residential         
               
SINGLE FAMILY PERMITS MONTH june 20 32   60%
               
SINGLE FAMILY PERMITS YEAR  126 161   28%
               
Average # Rentals Advertised Sundays 400 339   -15%
               
Average Asking Price  Rental Home $1,024 $1,033   1%
               
Average Asking Price Rental Apartment $670 $645   -4%