According to a recent LCAR report, the 559 homes sold in July is a 1.8 percent increase from the July 2015 mark of 549. The five-year average number of sales for July is 508.
The average sale price for the month of July broke that month’s record at $211,267, a 1.1 percent increase from the July 2015 price tag of $208,895. The median sale price for July 2016 of $190,000 is an increase from the July 2015 median price of $185,000 (half of the properties sold during this period sold above the number, and half sold below). The five-year average sale price for July is $197,620.
For July, there were 712 new listings in 2016, an 11.7 percent decrease from the July 2015 new listings of 806. The five-year average of new listings for July is 740.
Pending sales, homes that went under contract in the month of July, increased 11.5 percent from 550 in 2015 to 613 in 2016. An amazing 71 percent of homes that sold in July were on the market 60 days or less.
“The record-breaking pending sales number for the month of July shows that we will finish out the active summer selling season on a very strong note,” said LCAR president Lynn Zimmerman. “If there were more properties being listed right now, this strong market would have turned into a phenomenal market . . . the limited supply in the most popular price points is causing homes to sell very quickly amidst multiple offers and record-setting sales prices.”
Lawrence Yun, NAR chief economist, said, “Looking ahead, it’s unclear if this current sales pace can further accelerate as record high stock prices, near-record low mortgage rates and solid job gains face off against a dearth of homes available for sale and lofty home prices that keep advancing.”
LCAR, representing over 1,400 members involved in all aspects of the real estate industry, is one of more than 1,800 local associations nationwide which comprise the National Association of Realtors.
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