Existing Home Sales for June 2007 were reported at 5.75 Million units, which was less than the 5.90 Million expected. But there was some good news within the report – the median home sales price increased 0.3% to $230,100 representing the first year over year price increase in 11 months. Additionally, the monthly sales inventory dropped to a level of 8.8 months from the prior month’s reading of 8.9 months. The monthly sales inventory is a measure of how many houses are for sale currently measured in how many months it would take to sale all of the houses currently for sale. All in all the report suggests the housing market is stabilizing and isn’t as dismal as the media portrays.
What this means for Delaware home buyers is that the market is stabilizing but is still a buyers market. The turned to the positive for the median home price sale is good news that if can be sustained would mean that homes will start to appreciate again across the board.
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