From June to July existing-home sales increased by 2% according to a report from the National Association of Realtors. Year-over-year there was a 1.5% increase in completed transactions of single-family homes, townhomes, and condominiums. After having 12+ months of low inventory, the availability of unsold homes in the market rose 7.3% from June to July. As more and more sellers enter the market, the hope of leading economists is that it will level the playing field for homebuyers moving forward. First time homebuyers may still feel a bit priced out of the market as the median existing home sales price rose to $359,900 in July, up from $305,600 last year. This 17.8% increase in price seems to be pushing some buyers out of the market. NAR released a report recently stating that 30% of sales in July were completed by first time homebuyers compared to 34% this time last year. Adding more inventory and having purchase prices stabilize should allow new buyers to be more comfortable in today’s market.
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