Prices Creep Up as Traditional Sales Grow
By Greg Sax on Friday, July 10th, 2009
Word on the street is that people like lists more than prose for receiving information they can digest with ease. This hurts my writerly heart, but, hey, I get it. We're busy people these days. Two hundred emails per day, 15 blogs to follow, 65 Facebook status updates, 450 Twitter feeds. Plus all the other stuff you're actually trying to get paid to do, not to mention the personal life you want to have. Goodness gracious.
So let's do this for you, MSP:
June saw 5,183 signed purchase agreements, up 33.7 percent from this time last year.
40.7 percent of closed sales in June were lender-mediated, compared to 59.7 percent in January.
A decrease in lender-mediated market share brought the overall median price up from last month to $173,500 in June. Despite the month-over-month increase, that's still a 15.4 percent drop from June 2008.
The median June sales price of traditional homes was $210,000, down 7.7 percent from a year ago
The median June sales price of lender-mediated homes was $124,025, down 16.8 percent from a year ago.
The number of properties for sale at the end of June was 26,204, down 21.9 percent from this time last year.
There are 7.3 months of supply available, down significantly from the 10.6 seen at this time last year and trending back down towards a balanced market of 5 to 6 months of supply.
There are 10.9 months of traditional supply and only 4.4 months of lender-mediated supply.
June's pending sales were the highest June showing since 2005 and the 12th consecutive month of year-over-year increases.
With low mortgage rates and the $8,000 federal tax credit for first-time home buyers, we're seeing the recent jump in sales spill over into the traditional market.
We still have an abnormally high number of foreclosures and short sales, but it's an improvement from six months ago.
Sellers still face a challenging market, but things look better for them than they have in awhile.
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