Following a strong Month in May, June took a step back with only five homes placed in escrow - compared to 17 last month. Nine homes closed escrow in June at a median price of $575,000 and nearly half were bank-owned or short sales.
That said, the number of REO's appears to be dwindling which could lead to some more stability. We've held a very steady median price over the last 12 months and I'd expect that to continue.
In addition, we're seeing continued near-record lows on interest rates - even for jumbo loans - and inventories are higher, but not out of our normal range.
I'll have a full report on July's numbers around the first of August.
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1 comment:
Thank you for this update Steve! I really appreciate your market news and analysis and look forward to your August report.
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