HOME SALES DROP SLIGHTLY IN JULY, BUT DEMAND STILL STRONG — HBR released resale figures today for the month of July 2016. According to the analysis, using data collected, the statistics are: Single-Family Home Resales Number of Sales. This Month Compared To Median* Sales Price This Month Compared To July 2016 322 $746,000 July 2015 337 -4.5% $710,000 5.1% Condominium Resales Number of Sales This Month Compared To Median* Sales Price This Month Compared To July 2016 444 $400,000 July 2015 501 -11.4% $350,000 14.3% *Median price means half the prices were above and half below the given price.
During July 2016, sales of single-family homes decreased by 4.5 percent compared to July 2015, while condominium sales decreased by 11.4 percent compared to July 2015. The median price paid for single family homes in July 2016 increased by 5.1 percent from the same month last year to $746,000. The median price for condominiums increased by 14.3 percent from July 2015 to $400,000. According to the Days on Market indicator, the median days on market for single-family homes was 16 days, and 18 days for condominiums. -more- News Release / July 2016 Housing Statistics
While sales of both single-family homes and condos dipped compared to the previous year, the increase in prices year-over-year for both indicates the housing market is still very strong. The drop in condo sales is typical of the cyclical nature of the real estate market. Historically, we’ve seen a peak in condo resales during the summer, followed by a slight dip the following month. As for prices, a decrease in the number of sales with a corresponding increase in prices usually means buyers are being more aggressive with their offers. That said, home affordability is more favorable than a decade ago because of extremely low mortgage interest rates.