According to the RE/MAX National Housing Report for June 2011, the month is the fourth straight for rising home prices and rising transaction volumes this year. Despite a year-over-year price drop of 4.9 percent, median home sales prices are on the rise and show a 7.4 increase over May. Highest increases occurred in the northeast, and the average time on the market was 90 days – the “lowest number posted since September 2010.”
The year-over-year price drops indicate that in many markets, buyers are on the move – and making their moves – because of the serious discounts available on desirable properties. For example, in Santa Clara county in California, sales rose 14 percent in June, helped along, in large part, “by investors paying cash,” according to DataQuick, an analytics firm. While Santa Clara prices remained largely flat over a year ago, the surrounding areas declined even as sales volumes climbed by double digits over the previous month.
Given that most experts believe that the commonly-accepted 5-month shadow inventory projection is optimistic to say the least, do you think that now is the time to buy, or are you waiting for the bank properties to push prices down even lower?
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