Dataquick reported home sales for Ventura County for May 2010 today. Home sales came in at 815 up a paltry 2.3% YoY. The median sales price came in at $380,000 up 7.00% YoY. This report was exactly in line with the prediction I made at the beginning of the month. Rising median is due to mix shift due to the low end running out of inventory the most plus some seasonal strength in the mid-level houses as those sellers have been cutting price to compete for buyers. Considering the Federal tax credit expiration and the ability to double dip and get the California credit too this is a surprisingly weak report.There is a very strong possibility June will be weaker than people are thinking, current conventional wisdom is that June sales will be still be up YoY. We shall know with quite a bit of clarity in 2 weeks if that is true but it is looking very doubtful at this point.
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