April’s sales in ‘09 were down 18% from April ‘08. May ‘09 sales were down 19% from May ‘08. But June had a 4% decrease from ‘08, the smallest decrease since the 2% drop in June ‘o8 from June ‘07.

Also in June, Pending Sales (sales set to close in July) were up 4%.

Reasons for the upturn include

• $8,000 tax credit (for homes closed on before December 1)
• Population increase – numbers of people moving from other cities or states
• People looking for lower risk investment opportunities (Real Estate is historically considered a strong investment choice)
• Builders have been building fewer new homes, affecting the balance of supply and demand, and putting more demand on resales.