The pulse of the real estate market seems to be picking up. I am beginning to see more buyers inquiring about properties, more offers coming in, and more homes coming on the market. The majority of this activity is in the lower price ranges. For example, over ¾ of the homes in May were under the price of $400,000 - a trend that has been continuing since January. In this price range, we have 5 months worth of inventory on the market, and this is least amount of inventory in the majority of price ranges. As prices drop, mortgage standards increase, and adjustable rates begin to adjust, I predict this trend will continue.

For a breakdown of March’s sales by price go to: http://www.joshuakoffler.com/uploads/SalesBreakdownbyMonth.xls .

Interest rates are still hovering around 6.0% with no points.