Think global, act local. With European debt crises, oil spills and disappointing job growth figures putting stress on the stock market, the local housing market didn’t fare much better.
Buyers remained hesitant during June, as Pending Sales posted a 15.2 percent decrease from last year. Many would-be June buyers already bought during the credit period.
Due to slow pending, inventory levels increased 24.5 percent compared to last year, yet prices still managed to move up. The Median Sales Price for June of $200,436 was a 2.8 percent increase over last year. Negotiations inched back toward the sellers by just under a percent to arrive at 94.1 percent of their original list price. Market times decreased 12.8 percent to 67 days, while Months Supply decreased 7.3 percent to 7.8 months.
Expect closings to receive a slight boost as Congress recently extended the closing date to September 30 for tax credit buyers, and expect the market to stay flat or post minor improvements over the near term.