If our current housing market were a color, it would most likely be beige.
Home sales volume for the first half of 2014 was 16.4% lower than the same period last year. There were 47,012 closed sales from January through June 2013. In the first six months of this year, only 39,306 closed transactions were reported. The first six months of 2014 were characterized by low demand and a supply that typically left in its wake a market which slightly favored the buyer.
The median sales price in June was $195,000, 5.4% higher than where we began the year at $185,000. As we have cautioned a number of times this year – we are not viewing this increase as an indication that home values are appreciating, but rather as an indication of the homes that are selling. It is this pundit’s opinion that home prices for the first six months are best described as stable and flat.
Read the rest of The ARMLS STAT Report July 2014
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