Looking at July 2014 requires a healthy dose of perspective. On the surface, the 34% drop in closings (from 41 to 27) compared to 2013 would seem to be cause for real concern. However, July 2013 represented the single largest number of sales in one month since 2006 and July 2014 was equivalent to or greater than the same month 2007 through 2011.
The $60,000 (6.1%) drop in median price for the month may end up being more significant. The average, running less than a reduction of 1.2%, is also surprising, given the difference in unit sales. Inventory dropped to 160 and continues the pattern of being slightly ahead of 2013, but at lower levels than 2008-2012. The average price of the inventory rose by close to $22,000.