Local Housing Sales Positive, But Slower in Late Summer
New housing data released this week shows a 0.4 percent increase in closed sales for the month of July and a 7.8 percent increase for the quarter ending in July compared to the same time periods one year ago. Pending sales rose 2.1 percent in July and had a 5.2 percent increase for the quarter.
The pace of closed sales has slowed significantly from the spring and early summer months. Prices continue a consistent increase with median sales price up 2.5 percent in July to $158,900 and average sales price dipping slightly by 0.8 percent to $193,845. For the quarter ending in July, median sales price is up 3.2 percent and average sales price has increased 2.1 percent.
Months of inventory remains unchanged, but tight, at 4.0 months. What does all this mean?
REALTORS® agree that buyers are eager to capitalize on low mortgage rates, but the overall pace of the market slowed down in July. The theory is would-be sellers are afraid to list their homes for fear of not finding a suitable new home to purchase. It's a tricky cycle which will probably push more typical spring and summer transactions into the fall. REALTORS® also agree on this - even if it takes longer to find that perfect home, the interest rate environment and strong employment numbers make this too good a market to pass up.