The incredible jump in house sales last month was short lived. While strength remains in the detached market the white hot fire continues under the townhouse and condo markets (nearly a 5% increase in prices of westside townhouses in June). As in previous months, the trend of low inventory, consistent sales and upward pressure on prices continues.

We expect that low inventory levels will continue through the summer. Sales are likely to back off as the weather continues to be spectacular through July and August. There are some signs indicating that parts of our market are taking a breather (houses, for example) for a little bit. We don’t foresee this being a longterm trend and view the current respite in the market to be a buying opportunity.