Home Sales and Prices Are On The Rise
Existing Home Sales, which measure closings on existing homes, were up 2% in July to an annual pace of 5.99M units. Sales are up 1.5% year over year. Existing Home Sales are holding steady and are still at strong levels.
Inventory is starting to increase, slowly – there were 1.32M homes for sale at the end of July, which is up 7% from June, but still down 12% from last year.
The Median home price was reported at $359,900, which is up 18% year over year, but is less than the 24% year over year increase in the June report.
First time home buyers have accounted for 30% of sales, which is down from 31%. Cash buyers remained stable at 23%, but is up a lot from 16% last year.
Investors purchased 15% of homes, up from 14% in the previous month. Investors may be crowding out first time home buyers, as they are likely purchasing the lower priced homes that they can rent out.
Home prices and home value may continue to increase but the rates are still at historical lows. Together we can help you find home and start generating equity.