According the RealtyTrac’s most recent home sales report, July 2015 proved to be a month of the good, the bad and the…good? Overall, the month saw changes that were extreme in both directions – with some stats plummeting while others gained steam – but all of the changes were good for the market overall.
The good: The median price of homes sold in July was 2% higher than it was in June. And at $189,500, it was also the highest median price since 2008.
The “bad”: The sale of properties in the foreclosure process fell to the lowest monthly share since January 2000 (which is the earliest date with relevant information). The number of all-cash home buying transactions also fell to its lowest level since 2008.
The overall good: The expansion of median home prices, paired with the growth of overall market sales volume, contrasted by the drop in all-cash and foreclosure buyers, is actually good news for the housing market. Why? According to Darren Blomquist, the Vice President of RealtyTrac, it is “evidence that housing is successfully transitioning from an investor-driven recovery, to one that is drawing in traditional buyers as a good foundation for sustainable growth going forward.”
Source: Mortgage News Daily