Real estate sales figures and activity for the month of July 2016 have been released. Reports indicate July sales declined in comparison to both June 2016 and last July. In fact, sales were down in all but 4 of the major cities tracked in the study.
However, according to RE/MAX CEO and chairman of the board, it is important to note that, “After a June jump in home sales, it’s quite common to see July sales make a correction…” He goes on to emphasize in an article published by National Mortgage Professional Magazine written by Phil Hall, that there are still a few months left in the “traditional home-buying season” and the summer real estate sales pattern often fluctuates month to month.
Despite the fact that overall sales were down, the median price dropped only 1.3 percent from June 2016 but is still up 4.7 percent from July 2015. To add, the days on the market is down by a day from June 2016, and 4 days less than the figure from July 2015.
More good news to summarize the current state of the real estate market, overall prices are rising at a level consistent with historical average. To see more details on the July 2016 real estate sales, read the entire article.
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