July 2018 Real Estate News
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In this month’s July 2018 Real Estate News, learn why the summer is a great time to sell your home and get the scoop on the national sales decline. Plus, discover the new trends for kitchen design, ways to cost costs on cooling this summer, and important safety considerations. All of this and more in the July 2018 Real Estate News.
National Home Sales Decline
Existing-home sales fell in April due to the continuing troubles with low inventory in the housing market. Housing inventory in April reached 1.8 million existing homes; while this was a welcome increase of 9.8 percent from March, it was still down 6.3 percent from April 2017’s inventory of 1.92 million existing homes. What’s more, for the past 35 months in a row, housing supply levels have dropped year over year. At the current sales pace, the level of inventory represents a 4-month supply. A year ago, there was a 4.2-month supply of homes available for sale.
Low in Supply, High in Demand
Demand from buyers continues to remain high despite rising mortgage rates, due in part to the robust job market and the improving economy. The strong demand for homes was tempered by the lack of inventory and led to a 2.5 percent drop in existing-home sales. According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), “Inventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford.”
July 2018 Real Estate News
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