This chart says it all. Home sales are down from last year but prices are up. Part of the reason that home sales are down is because there are far fewer low priced foreclosures on the market which is also part of the reason why median home prices are up from last year. However we still have some homeowners who would like to sell but who do not have enough equity and credit is a little tight making it harder for home buyers to get financing.
2015 could be a very good year for both buyers and sellers as more sellers have equity and more buyers have jobs, money and maybe if we are lucky the banks will make it a little easier to get a loan.
For the most part the housing market like the job market has not yet recovered fully from the great recession but is still in recovery.
The chart was created from numbers in the NorthstarMLS which is deemed reliable but not guaranteed. The charts are so pretty I use skitch and make a screen prints of them rather than making my own charts.
