Now may be the time for your to find your next home or investment property. The pace of sales has been relatively stable since August. The National Association of Realtors reports that U.S. home and condo re-sales inched higher in May.

Re-sales of U.S. houses and condos rose 2% to a seasonally adjusted annualized rate of 4.99 million in May from 4.89 million in April. It's the highest sales pace since February. The median sales price in May was $208,600, down 6.3% from a year ago. It's important to note that many sales aren't counted in the realtors' survey because they do not go through the multiple listing service.

Regionally, sales rose 5.5% in the Midwest, 4.6% in the Northeast, 2% in the West, and fell 0.5% in the South. Lawrence Yun, NAR's chief economist says, "It'd be premature to say the improvement marks a turnaround".

Real Estate is all local - but these stats do heald a smidge of good news.  I think the median sales price being down, is a good thing for sales in general.  As we see prices getting more attractive, more people will be buying. 

What we need now for prices to begin to rebound is lower inventory levels.  I believe we are still many months away from that, the mess with the distressed and REO properties still need to work it's way out of this market before prices will recover and begin to rise. 

As I always say, if you are in it for the long term now is a great time to buy. 

In Morgan Hill, San Martin and Gilroy sales are picking up, just last week our percentage of closed transactions in Morgan Hill, that is houses that sold last week rose 100% from an average of 7 for the past four weeks to 14. Figure that number of Single Family Homes sold in the last 90 days were only 32, 14 in one week is impressive.  We are making progress.