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A comparison of the Murfreesboro TN area real estate statistics from June 2009 and June 2009 as well as the year-to-date numbers. John Jones explains why the statistics support that the Rutherford County real estate market has finally stabilized.

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Transcript

JOHN:  Hey, John Jones with another edition of Tuesday Morning Coffee.  Thanks for tuning in.  We’re going to go over June numbers today that came out last week.  I was interested to see what June looked like.  June we had 8% more closings this June than we did last June.  I still feel like that is part of that carry over from the tax credit.  Remember, those had to be closed by the end of June.  They did extend it a little bit to be closed; I think gave them 90 days, but for the most part, everybody was in at that point.  So they were up 9%.

Now an interesting statistic that I was really more concerned with, what were pendings for the month?  Pendings for June were 17% less than last June.  And I know that’s less, but quite honestly, I was surprised it wasn’t more and I’m happy to see it was not more because the tax credit had run out, we knew there were going to be less pendings, but I honestly thought that number would be higher than 17%.  So let’s kind of recap the last few months.  Okay, you had April, which was kind of a record month as far as closings, 54% up over last April.

A lot of that had to do with the tax credit.  May was 21% over last May.  There again, a lot of that had to do with the deals that were written before the end of April for the tax credit, and June was slightly up as well.  I think we’re going to see some small decreases for the next few months as far as closings compared to last year.  But I don’t think they’re as bad as what maybe I anticipated or at least I hope not.  The pendings for this month give me hope.  Another interesting statistic.  Our closed sales price was almost dead even year to date with this time last year.

Year to date last year we were at $165,587 average close price.  This year, we’re at 165,538, so I mean it’s like $50 off, which is incredible.  That tells me that maybe we’re kind of stabilizing on evaluations here a little bit.  Another thing, year to date, we have closed on 21% more homes this time this year than we had this time last year.  Twenty-one percent, so we’re still on an increase there.  That’s about all I have.  If you guys have anything or need anything real estate-related, please call us at 867-3020.  We would love to help.  And you can see us on our website at JohnC.Jones.com.  Thank you.