MLS National data from Corelogic shows July up-trends continuing into August. And the National Association of Realtors® (NAR) released their home sales statistics for July, showing somewhat the same trend. According to NAR, the national median existing home price was up 9.4% July over July, while the number of existing home sales was up 2.3%.
The confusing part is the ongoing number of foreclosures, even on a local level and how can the market be correcting if we are still seeing foreclosures, which in realty, lowers home values? We believe that the correction/stabilization factor is driven by supply and demand. Our supply has dwindled so therefore demand goes up and with that sales prices.
With all that being said, Kingsburg numbers continue to support a more stabilized market, with great loan rates, low inventory, less Days on the Market and higher average sales prices.
Click on the You Tube video below to view our Kingsburg Community Corner video for an update on September and some October events coming up.
As always, we welcome your comments. And don’t forget to let us know of any upcoming event you would like posted on our Blog video.