June numbers are in. My thoughts:
- The free fall appears to have ended in March 2009 when pending sales were about half of March 2008. Since then (April, May, and June 2009), we've seen pending sales within 10% of the same month previous year.
- While we're seeing glimmers of hope, we're still not beating last year's numbers. It's getting close but still softer than 2008 across all major metrics.
- If I were a betting person, I'd say we'll see continued improvements over time but it will probably be a long, hard slog for the next 6-12 months. The good news is that painful period late last year and early this year where each month was worse than the last seems to have passed.