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August 1st, 2008 2:31 PM by David W. Welch
As of right now, there are 1,306 closed July sales posted in the MLS with a median sales price of $206,000. I mentioned before that July is usually a little slower than June, and this is actually not so bad as far as the drop off in sales. The median price reflects a bigger drop than I had expected, but foreclosures are having a greater effect. The number of foreclosures as a percentage of active listings is running about the same, but foreclosures as a percentage of pending and closed sales has increased quite a bit. About 40% of the pending contracts are foreclosures and around 25% of the closed sales in July are in some stage of foreclosure.
Buyers, the market looks to continue favoring you for some time to come. Interest rates may not continue to remain so favorable though. If you look at the inflationary pressures the country is facing, the Fed will almost certainly have to take some kind of money tightening action before the year is over. Mortgage rates are already climbing slightly compared to just a few months ago. Even though prices are down this month after a couple of months of higher median prices, I don't know that we will see enough in the way of lower prices to offset the potential higher interest rates.