If you follow my monthly market reports, all of which can be accessed in the right side bar, you’ll remember that last month we saw a substantial decline in sales. In April we had 382 sales, May had 369 and June had 372. Then July dropped to 319. I am relieved to see that August is up to 375 home sales and that July was an abnormal month.
Inventory is still high with around 5,400 homes and seems to be inching up over time rather than declining. To roughly determine the months of inventory you divided 5,400 by 375 and get 14.4 months. A buyers market is defined by over 6 months of inventory.
Foreclosures and short sales are still a big part of our market. For some reason foreclosures are high than usual and short sales are lower.
Interest rates are at historical lows with the 30 year fixed below 4.5% for buyers with the best credit. Banks here in Ocala are giving loans. Don’t believe what you see on TV it’s way too negative.