There are always 31 days in the month of July but the positioning of those days can mean a world of difference in the real estate market. July 2015 had 22 business days and July 2016 had 20 business days and the amount of homes sold within July 2016 seems to be down from last year but it is really just the positioning of the days on the calendar!
Tom Ruff of The Information Market says it best.
"On the surface, MLS sales numbers were disappointing with volume down 3.6% year-over-year and down 13.9% month-over-month. However,the decline in sales is more a factor of the calendar as opposed to declining demand this month. If you compare the sales volumes of July 2015 to July 2016 in the context of business days, you have your culprit! There were 359.7 sales per day in 2015 and 381.5 sales per day in 2016...."
"MLS sales volume in July 2016 was at 7,630, which was 284 fewer sales than July 2015 at 7,914. STAT had expected July sales volume to be lower than the total last year as there were only 20 business days this year compared to 22 business days last year. We begin August with 6,705 pending and 3,633 UCB listings giving us a total of 10,338 residential listings practically under contract. This compares to 9,726 of the same type of listings at this time last year. There are 23 business days in August this year compared to 21 business days in August of 2015. August 2016’s sales volume will definitely be higher than last year’s total of 7,010 and because of the calendar nuances I’m expecting August sales volume to also surpass July’s sales total of 7,630."
Source: ARMLS® Copyright 2016