Sonoma County home sales report for July 2015
Overall a very strong market, prices are continuing to either gain ground or hold tight. Inventory is still low relative to demand. Mortgage rates are very good and the Fed still hasn’t committed to a rate hike date so we may see this remain throughout at least the end of the year. Treasury yields are getting slammed lower with the Chinese devaluation of the Yuan which leads me to believe the Fed is stuck in a corner right now regarding rate lift off. The dollar appreciated simply because of the Yuan devaluation and raising rates will further strengthen the dollar and put even more pressure on exports as a result. Only time will tell, but for now it appears as though we’re bound in the current cycle.
- New listings actually decreased from June by approximately 50
- Active listings increased from 838 to 914
- Months of inventory barely ticked up by 0.1
- Median home price dropped from 522k to 519k