After having one of the best Springs Markets we have seen in a long time we are now seeing what we predicted: the best summer markets in a decade. According to RISMedia:
"The residential real estate market has kept the temperature up with the hottest July in a decade, according to new data on inventory and demand on realtor.com®. Homes for sale in July are moving two percent more quickly than last year as prices continue to hit new record highs".
“The best spring in a decade has transitioned into the decade’s hottest summer,” says Jonathan Smoke, chief economist of realtor.com. “Pent-up demand left over from two years of tight supply against the backdrop of mortgage rates near three year lows have encouraged buyer activity at a time when sales usually begin to decline. While prices are higher as a result of the strong demand and limited supply, the lower mortgage rates are neutralizing the impact on purchasing power.”
The median home was listed for $251,000, seven percent higher than one year ago and one percent lower than last month. While that is the first price decrease since January–typical for the seasonal shift–it is a record high for July.
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