Sales are up in May 2016 almost 12% over May of last year, while the Median Price soared to $230,000, up 3.5% over the previous MONTH and 9% over May of 2015. And inventory remains TIGHT: only a 2.35 month supply. It is a SELLERS' market. Homes in escrow remain stable at just over 6000. That indicates sales will remain strong for the next month or two.
Again, distress properties are few and far between, with Short Sales and Foreclosures (REO's) totaling just 11.3% of total volume. Cash sales held steady around 21% of total volume.
30-year mortgage interest rates remain at low levels, under 3.75% today for an FHA mortgage on June 7, 2017.
Lower priced homes are receiving multiple offers in many cases. If you are considering buying a home in the near future, we recommend talking with a lender today.