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Market Insights

July residential sales keep pace with 2007




PORTSMOUTH-After two straight months of sagging residential sales compared to a year ago, July numbers fell only 6.8% in the nine sample seacoast towns. In statistics just released by the Seacoast Board of REALTORS, there were 41 sales of single-family homes compared to 44 a year ago at this time.

            There were 56 pending single-family sales, virtually the same as last month. Still after four straight months of improving sales, the Seacoast experienced a 34% decline from last month.

            "This is a typical July scenario where you see a sharp drop from June," said John Rice, president of the Seacoast Board of REALTORS. "Last year we saw a 43% decline between June and July. But we always seem to rally in August. I can see that happening again with the solid number of pending transactions we have right now."

            Single-family active listings rose to 528 units-the most since September 2007 and about 5% less than July 2007.

            Condo active listings also registered a modest 3.3% gain from last month to 371 units, the highest figure since October but well shy of the 404 units available in July 2007.

            "Inventory numbers seem to be in line with historic figures for this time of year," Rice said. "And for sellers, less is more. Fewer listings help decrease downward pressure on sale prices."

            Nevertheless, declining prices and relatively stable, attractive interest rates have helped maintain steady buyer activity. Condominiums enjoyed their best month since April with 36 pending sales, although the 22 closed condo sales were the lowest since March and a 37% decline from a year ago.





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