We have hit bottom and real estate activity is up

An Inman News headline today read,
"Real estate purchases pull out of 3-week slump"
Interest rates plummet in latest Mortgage Bankers A ssociation survey

All indicators and news I receive from the Florida Association of Realtors and the National Association of Realtors seems to show the real estate market is stabilizing. Buyers are re-entering the market, attracted by recent pull-backs in mortgage rates and competitive price reductions on homes for sale.

Here in our local Manatee County market I watched the median sales price of single family homes drop for several months. But a curious thing is happening. Inventory seems to be topping out. We had only a net increase of 14 homes listed in July in our Gulf Coast Regional MLS. Also the median sale price has increased from $285,000 in April to $319,900 in June.

I am definitely sensing an increase in buyer activity this week. The month of July may go down as the "bottom" of our market correction. Contributing to this trend is competitive prices, low interest rates, and stabilized inventory numbers.

Now is the time for buyers who have been waiting on the sidelines to enter the market. Those who continue waiting may regret it later. It's not possible to time the market. But it IS possible to see the trend. I think I'm seeing a positive trend that will show itself in a stabilized market.