WHAT WERE THE ACTUAL NUMBERS?

Home prices nationally, according to the National Association of Realtors (NAR) and Freddie Mac, rose to $239,700.  Sales also rose 1.8% month over month, and 4.5% year over year for May, the last complete month.  There is a 4.7 month supply and that is down 5.7% year over year.  Sales for existing homes have hit their highest in 9 years with 5.29 million (May 2015 -May 2016).  Here in the OC home prices hit pre-crash highs as was reported last month.  But Southern California isn't alone in this as 4 different markets established the same trend:  1) San Jose  2) Denver  3)Dallas  4) Portland.  The median home price for May, 2016 is $651,500 (CoreLogic).  As of June 7th, inventory for OC was 6,868, and that number is actually climbing.  If inventory continues to rise, this will give buyers more choices and sellers more competition, which could create that price adjustment mentioned in the previous section of this newsletter.  Median price per square foot actually went down to $374.47, but reflects that larger homes are selling.  Distressed sales have been hovering between 130 and 140 per month and comprise a small percentage of the total sales for the month.