Record Prices and Sinking Inventory Haven’t Slowed Sales
Typically when you assess the behaviors of supply and demand the limited supply of real estate would have the effect of increased prices. The interesting element of the July housing report is that the sales didn’t slow down. Which this would mean one of two things; one the houses collectively could be sold for a higher price but then would remain on the market longer, or those selling their homes right now are very motivated to sell – therefore they are pricing their homes competitively. Either way, it is a win for the buyers and still a win for sellers!
- July Home Sales Rose 1.8% Year-Over-Year
- Median Sale Price was up 4.4% from July 2017
- Inventory for July was 2.9 – The Smallest Ever for July