Last week, oil prices came down and the stock market had a nice move up. This was great to see, but we will need a lot more "fuel on the fire" to get our economy going and our housing market to heat up.

There were 4,041 detached single family closings in June. This was down 35.6% from June 2007 and down 47.0% from 2006. You would have to go back to 1997 to get a higher closing total for a June and after lags are reported we will exceed 1997 & 1998, but still be below 1999.

Condos and townhomes closed 631 units in June. This was 44.7% below June 2007 and 58.3% below June 2006.

Closings for all single family in June were down 37% from June 2007 and 47.8% from June 2006. If the second half of 2008 mirrors the first half, we will be on pace to close all single family units equal to 2003.

The average sale price for single family detached in June 2008 was $258,736. This was the highest monthly average so far through 2008, but still 9.2% below June 2007. This was the eighth consecutive year-to-year monthly decline. The average year to date sale price through June for single family detached is $241,656 or a decline of 8.9% from total 2007.

The average sale price for condos and townhomes in June was $178,775 or a decline of 8.9% from the same year ago period. The average year to date sale price through June 2008 for condos and townhomes is 8.0% below 2007.

We know when there is high supply and low demand that there will be and have been tremendous pressure for prices to come down. However, now that we are in a recession climate, consumers are just very hesitant to purchase real estate. If you know a potential buyer with a stable job, you need to inform them this is just a great time to buy real estate because prices have come down so much.

There have been 7,012 expired listings for all single family or almost 20% more than June 2007. For the year, there have been almost as many expired listings through June, as there were for all of 2002.

There have been 3,139 withdrawn listings for all single family or a decline of 3% from June 2007. For the year, there have been almost as many withdrawn listings through June, as there were for all of 2005.

Months supply was 15 for condos & townhomes and 14 for single family detached, both all time records. Below is a chart for the past 10 years. The overall inventory is down from a year ago, but months-supply is up, because of lower demand.

I have stated in the past we need to stay out of recession for an early upturn. I do not expect housing to come back anytime soon.