Sales below $150,000 continue their decline. There is a lot of demand but finding a good house that you can get a loan on is very hard. Many of the homes in this price range are in poor condition and buyers are mostly investors.
Homes in the $150,000 to $199,999 range are even more difficult to find with about a 1.2 months supply. A well price home will go very quickly.
The sweet spot in the market continues to be the $200,000 to $399,999 range. This price ranges represents 45.6% of all sales. Demand remains high and inventory is short. There is currently about a 2 month supply. With 6 months considered a balanced market, you can readily see how tilted the market is to the Seller side.
The $400,000 to $599,990 area is seeing good demand and with supply around 6 months buyers have some choices.
Sales in the $600,000 to $899,999 category are selling and with the months of inventory around 8.5 months buyers have the advantage.
Looking to buy a $1,000,000 plus home? Well you have a number to chose from and with the months of inventory at 13.9 months there is room to negotiate.