After the hot foreclosure market of last year, this summer seems - in comparison - quiet and lackadaisical. A total of 1883 homes sold this July, a number close to the June homes sold. 50% of these sales are still REOs; however, the change is remarkable. Foreclosures have fallen 36.4% year over year. Short sales have gained ground by 75.6% and non-distressed sales by 30% but even that surge is not enough to make up for the unit volume shortfall of 12.5% year over year.
Sold price per square foot remained around the $120 mark where it was in June giving evidence to the argument that the market may have bottomed out after all. Currently average sold price per square foot is at $120.93. Average sales price has fallen 14% year over year from a high of $228,312 to rest at $196,323. Median sales price is currently at $175,000.
Inventory also continues to hover around the 3 month mark. Total inventory is at 3.3 months based on the last year of sales and 3.4 months based on the last six months of sales. Foreclosure inventory is at 0.5 months and 0.6 months respectively.
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2 comments:
Interesting Statistics. I'm glad to see the foreclosures are decreasing. Did you happen to see that special on PBS last night? It said Stockton had the most foreclosures in the nation and Sacramento was third. They also said they are only seeing loan modifications being approved for about 2 - 3% of the people who need them. They also brought up a lot of good reasons why you should do a short sale if you're not approved for a loan modiifcation rather than letting your home go to foreclosure.
Correction: The show on Short Sale's and Foreclosures mentioned in the comment above was on KVIE not PBS
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