A: The DataQuick data show the countywide sales were up 17% vs. 1 year ago. Median selling price (MSP) was $418,000 was down 11% from 1 year ago.
June results are a mixed bag with some zips up and some down. Example: coastal beach cities up 16% from 1 year ago. MSP $676,000 down 19.2% from previous year. South county median price $483,000, up 23% while median price change down 7.3%.
Not so fast! With so many variables in the real estate market, one can’t really make a convinincing case that the worst is over. The data is history!
What about the near term future?
Underlying these numbers are foreclosures, challenging lender financing and unemployment playing in the minds of the buyers and investors in the real estate market. At least these factors are dampening demand. Foreclosed home sales were about 10,000 of the 25,000 homes sold statewide in the past year.
Another big issue rearing its ugly head is increasing commerical foreclosures. Waiting for more data to develop in the real estate market is probably the better judgement for the remainder of the summer.
