Glendale had a significant drop in sales during April 2012 in single family home and condo types compared to the previous month. Although the sales volume decreased, the average and median prices rose for single family homes by almost 10% from the previous month. One reason for the decrease in sales volume could be the high increase in volume the month before during March 2012. April’s numbers could be more in line with normal growth and sales.
Another possibility is that inventory levels are shrinking and we are moving into a sellers market. Banks have pulled back significantly on the number of and rate of foreclosures. This has pulled a lot of, low priced inventory off the market. More and more buyers are entering the market and competing for fewer properties. Hopefully this trend continues and the housing market will really pick up.
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