Every month, economists release a number of indices, reports and analyses of the housing market, the National Association of Realtors (NAR) recapped the month in its new Housing Minute monthly video series.
NAR Chief Economist Lawrence Yun said the dip in existing-home sales prices isn’t due to a lack of buyer desire or demand. Instead, it’s due to continuing issues with low inventory made worse by sluggish residential housing starts.
“Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” Yun said. “What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale.”
According to NAR’s Home Survey, consumers are feeling confident about the housing market and the economy, but that isn’t translating into sales.
83% of Millennials believe student dept impacts homeownership, experts say we can expect a 7 year delay in them purchasing their first home along with delaying marriage, having children and saving for retirement.
August home sales according to the Housing Minute from the National Association of Realtors is down 1.7% from last month but up .2% from last year with a real estate median sales price of $253,500, this is up 5.6% from last year and active listings are down from last year.
The real estate statistics show that signed real estate contracts are down 2.6% from last month and 2.6% from last year.
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