After a big dip in activity last month, buyers slowly came back to the market in June as Pending Sales were nearly even with a year ago. Inventory was down 8.2 percent compared to last year giving buyers fewer choices, and the reduced supply put upward pressure on prices. The Median Sales Price for June of $282,995 was a 1.1 percent increase over June 2009.
Reduced competition helped sellers as negotiations moved back toward their favor by 1.9 percent to arrive at 94.7 Percent of Original List Price. In addition, market times decreased 26.9 percent to 73 days, while Months Supply of Inventory fell 19.0 percent to 6.4 months.
Expect closings to receive a slight boost as Congress extended the closing date to September 30 for tax credit buyers, and expect the market to stay flat or post minor improvements over the near term.
