July home sales looked really good. It looked like things for Logan Real Estate had started to turn around, it appeared as if home sales would actually pick up, but they didn’t. Were people just too busy to buy during July, just coincidence, or is it an indication of lack of confidence in the economy? Historically July is one of the top 3 months for home sales in Cache County.
July was a very poor month for home sales in Cache Valley. There were only 66 homes that actually sold. This is down nearly 40% from last month! On the positive, year over year July home sales were actually improved with last year; but last year was result of the home buyer tax credit hangover.
The good news is that the number of Under Contract homes is up, indicating that future home sales will be better than July. All time low interest rates should help to stimulate some home buying activity, these low interest rates are already making a big impact on the refinance market. Cache County currently has 140 residential properties under contract compared with 124 a month ago.
Home prices in the Cache Valley continue to drop. The median list price of the 810 homes for sale is just $174,900. This is down $5,000 from a month ago. With more than 12 months of current real estate inventory, prices will likely continue to decline.