The graph below shows the flow of contracts accepted monthly for the five-year period from
2008 through the current year. The market began to slow in 2005 and 2006, which resulted in
increasing market time and lower sales prices for many homes. The slowdown accelerated in
2007, while sales in 2008 fell even more dramatically. The number of transactions recovered
somewhat in 2009 and accelerated in 2010 and 2011. The recovery has generally continued and,
more importantly, strengthened in 2012.