Report writers say that the "overall lackluster performance of the second quarter real estate market reflected the continuing severe impact of the real estate recession that commenced locally in 2008." Another negative aspect is that "unemployment continued to hold back the market."

According to the Empire Access Multiple Listing Service, total closings for both counties from Jan. 1 to June 30 were down 16 percent in comparison with the first half of 2010. However, the numbers were 35 percent ahead of those posted in the respective 2009 time period. One more factor to consider:

Inventory in Putnam County was up by two percent from last year at the close of the quarter.

The bottom line, as noted in the report's closing paragraph, is that "these second quarter results carry no trend line with them. The market is fragile and how it goes from here depends entirely on a wide range of economic and public policy factors." That list includes everything from job availability and tax policy changes to the debt ceiling debate.

The WPAR report):

The number of second-quarter sales for single-family houses in Putnam tallied up at 122 for 2011, which is a 33.7-percent drop from 2010's 184.

The number of second-quarter sales for condos and co-ops in Putnam tallied up at 21 for 2011, which is a 12.5-percent drop from 2010's 24.

The median sale price of a single family house in Putnam for 2011's second quarter is $320,000, which is a 4.3-percent increase over 2010's second quarter median sale price of $306,750.

The median sale price of a condo/co-op in Putnam for 2011's second quarter is $240,000, which is a 1-percent increase over 2010's second quarter median sale price of $242,500.