The sales momentum that had been slowly lifting local home sales came to a jarring halt in July, raising questions about the long-awaited recovery of the real estate market.
Monthly home sales data released Tuesday show that 643 area homes sold during July, a striking drop-off from the 1,022 transactions recorded in June.
You have a hugh tax advantage which expires at the of June – and surprise, a lot of purchases move into June that probably would have happened later. The tax tweak didn’t really create more home sales – it just moved them around.
it’s all part of “recovery summer” – or not:
http://blog.heritage.org/2010/08/06/what-recovery-summer/