MARKET UPDATE FOR JUNE
Halfway through 2016, residential real estate markets are performing as predicted from the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
New Listings were down 5.5 percent for Single Family homes but increased 1.7 percent for Condo properties. Pending Sales decreased 50. percent for Single Family homes and 45 percent for Condo properties.
The Median Sales Price was up 4.9 percent to $645,000 for Single Family homes and 5.2 percent to $405,000 for Condos. Months Supply of Inventory increased 5.9 percent for Single Family units and 10.7 percent for Townhouse-Condo units.
The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cool down could occur by winter. Presently, however, growth prevails as many locales are reaching near-record prices not seen in more than a decade.
Sales in Irvine, California are still strong. Take a look at the trends