WHAT WERE THE ACTUAL NUMBERS?

The following numbers are for closed transactions only for the month of May, the latest full month available.  Expect these numbers to be big, but not as big as the June numbers will be as homebuyers scrambled to close their transactions before the tax credit expired.  (It has been extended for closings ONLY, not new contracts, until September.)  The total number of sales was 3,257.  This was up 22% from the previous month of April and up 22.1% from May ’09.  There were 2,015 single-family resale, 942 condominiums and 300 new homes.  There was a 240% increase in new homes from the previous month due largely to buyer incentives offered by the builders. The median price for all properties was $450,000, and for a single-family resale it was $515,000.  Condo’s came in at $305,000 and new home’s median price was $645,000.  The trend towards lower prices continued with nearly 80% of all sales under $700,000 and only 653 sales over $700,000 . The average down payment was 19.2%, a sharp departure from 100% financing and indicative of intensified lender scrutiny.