REAL ESTATE UPDATE
- Sales volume decreased in July by 10.6% (1,815 homes sold in June vs. 1,622 in July), compared to a 6.7% decrease in July of last year.
- The median price of a single family home in July decreased slightly to $322,000 from $329,000 in June. The current median price is still 10.3% higher than it was a year ago.
- Active inventory of homes on the market increased by 8.7% over June (good news for buyers). Compared to a year ago inventory is still down nearly 10%.
Bottom Line: The market is still trending towards sellers but only those who follow the 3 P's of home sales -- Price, Presentation and Promotion.