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Market Upadte at a glance july 2012
 
Market update at glance July 31st 2012
 
Dichotomy of the market place ----- my best description for our market so far this year.
 
The positive numbers in all categories at the end of July can only be described in superlatives,  closed sales up 18%, pending sales up 43%, inventory down 34%, time on market down 14%, single family permits issued by the City of Billings up 77%, number of rental available down 17%,  interest rate on a 30 year fixed rate 3.55% down 21.9% from a year ago, monthly payment to purchase the average priced home in Yellowstone  County down 22% from five years ago, the payment to purchase a home less than renting a home. Now for the dichotomy, price movement. While positive, up about 2.5% from a year ago, considering demand from an economic stand point, with the type of demand features noted above, you would expect a larger price movement. So the question becomes why? I believe the most logical explanation is to look at the our market as part of the larger Whole of the United States, when viewed from this perspective the Yellowstone county performance makes more sense, Nationally the housing market is ... more

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