June Home Sales Decrease: Could This Bring Some Much-Needed Relief to Buyers?
Months of constricted inventory combined with a steady gain in year-over-year price increases created a recipe for seller’s delight in recent months. But for homebuyers, tight housing markets can mean increased competition (and some headaches!). Trends continue to show a move toward a more balanced market, and the increase in average days on market year-over-year may be welcome news to homebuyers. According to the most recent RE/MAX National Housing Report , June saw closings decline and an all-time high median sales price of $276,000 for the 10-year history of the report. With sales slowing, inventory increased by 1.3%, but supply still remains tight. Despite the decline in home sales, there are indications that the market is rebalancing. “Several encouraging longer-term trends – ongoing demand, improving inventory levels, low-interest rates – are helping the market make incremental progress on multiple fronts,” said RE/MAX CEO Adam Contos. These trends may provide an oppo
