Hurray! We got the first positive monthly report in a very long time.
Sales were up by a strong 18% in July. The average sales price was down by 4% and the median sales price was also down by 1%. It look to me that the declines in the sales price was due some drop off of sales in the high-end areas combined with investors picking up more properties at the low end and everything else in between being flat.
The number of new listings declined by 17% helping bring down the number of active listings by 14%.
The pending sales number is was up by 13%. Positive for next month.
Condo and townhouse sales rebounded very nicely in July and were up by 38%. the average sales price declined by 9%. Pending condo and townhome sales were up by 29%
The rental market remains very strong. For July rentals were up by 6 % and the average rent increased by 4 %.
If you are looking for a rental, there is less than a 2 month supply to choose from. Consider buying a house. With the increases in rents, the current house prices and very low interest rates it costs less money to own than rent.
Sales : 6,079
Average Sales Price: $203,723
Median Sales Price: $153,000
New Listings: 9,658
Active Listings: 36,733
Pending Sales: 5,521
Months of Inventory: 6.9
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