Following what appears to be a national trend, real estate sales in the Jasper GA area showed yet another year-on-year improvement for the month of June.  June's 21 pending home sales in Pickens County GA, is a 16% increase over June 2008, but, as has been the case for monthly sales data throughout the year, it still falls well below 2007's numbers, which came in about 45% higher, at 38 homes sold.  It also reflects a month-to-month decline from May, which had 24 sales.

The average list price for the houses under contract was near $177,000 -- in line with the lower selling prices that have defined the market this year, even in the face of improving volume.  While the average sale price on those transactions already closed for June is just over $220,000, I anticipate the average sale price once all transactions are accounted for will fall below $170,000.  This would be lower than last year's $186,000, and much lower than June 2007's average close price of $252,000.

No surprise that foreclosures once again played a significant role in real estate data for the month.  Nine of the 21 pending sales (43%), were listed as bank-owned foreclosures.  By comparison, 33% of sales in June 2008 were foreclosures, while in 2007, only 13% were foreclosed homes.  The percentage of total home inventory that is bank owned continues to hold steady at around 7%

Overall number of houses for sale in Pickens County GA hasn't seen any significant gain over the past couple of months, which is good, but neither has there been any reduction . . . leaving inventory at an unfavorably high level for sellers.

It is hard to argue that several months of improved volume doesn't signify an improvement, even if prices aren't following this same track. Inventory reduction is essential to price support, as is greater economic stability, in both the job market and the mortgage industry (more available financing and an easing of the ongoing foreclosure and short sale crisis).  Lower priced homes are likely to fare better locally than their higher-priced counterparts for some time.

Expect to see some more solid numbers posted in July, one of the peak months in real estate, which I believe will outpace both June 2009 and July 2008 by a good amount . . . leading into an even better August . . .