The median sale price rose slightly.
There were 947 mortgages last month with values of more than
"A big piece of that is the refinance market going on at the time," said
"That is consistent with where we are all year," Meade said. "To me, that is 100 percent coming from the fact the refinancing activity has basically come to an effective halt."
Meade said that those who were looking to refinance have already done so at the lower rates of previous years. And now, with rates higher than last year, the incentive to refinance has waned.
"The rates were down significantly for a long, long time "» and those people that could take advantage have already done so," he said.
There were 693 property sales last month, compared with 724 sales for the same time last year. Meade said last year's sales in May "were one of the better months we had in a long, long time." He described last month as "relatively solid" in terms of the number of sales.
The number of foreclosures last month was eight, compared with 18 in
The median sales value was
Meade said the
"When things are really going well, you see that half-million to million-dollar activity level really improving," Meade said. "We seem to be creeping up to consistently being above
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