Here’s my take on this report:
Median price means half the properties sold for more than this number and half sold for less than this number. Is it meaningful? Figure this out (all concerning the month of July only):
3 of the sales this year were for more than the highest sale last year
But what is truly noteworthy about this year over last year is:
The number of active listings is over 40% fewer
The number of properties pending sale is 150% more
The percent of properties under contract compared to what is on the market is over 330% more!
The market is much more active right now. Why? We can say it’s low interest rates and that there is a perception that we are truly at the bottom, but we had the same factors going last year. The economic news isn’t much better, in fact, a number of homeowners have decided to sell because the future holds no promise that the picture will improve in the next couple of years. I think the true meaning is that buyers are buying homes to live in because everyone has to live somewhere and many people do not want to rent, and sellers can sell in this market if their homes are priced right.