Single family residential (SFR) closings for July were down by nearly 13% from June but up 7% from July 2010. This is the result of more closings for traditional listing and an increase in the average sales price of short sales. Despite renewed momentum for REO closings, we are not seeing any real increase in the level of available REO listings which have now declined to around 3300 units.
This week the media will certainly leap upon the drop in the median sales price but will miss out on the underlying good news. The median sales price of an SFR fell to $122,000 but the average price rose nearly 1% to $151,103. Better yet, the Southwest experienced a 5% increase in the average closed sales price of an SFR and Henderson enjoyed an 8% increase in their average closed sales price for an SFR. Finally, the Days on Market for July closings was 149 days compared to 165 days in June for average of 16 fewer days than in previous months. Will it be a trend? Stay tuned!
Bonus: A Look at the Hi-Rise Market
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