While sales of newly built single-family homes is on the rise, buyers are finding much fewer choices as inventory sinks to a new record low.
With ultra-low mortgage rates and high affordability, first-time home buyers may never have a better time to jump into the housing market. So why aren't there more of them?
NAR Chief Economist Lawrence Yun talks about sales of existing homes, which rose in July despite constraints of affordable inventory, and the national median price is showing five consecutive months of year-over-year increases.
Sales of existing homes rose in July even with constraints of affordable inventory, and the national median price is showing five consecutive months of year-over-year increases.
The relocation reports present information on county-to-county migration flows within the United States, the average incomes of households moving between counties, demographic summaries of homeownership rates, and types of home mortgages obtained.
Median existing single-family home prices are rising in more metropolitan areas, but a lack of inventory is limiting buyer choices in more markets around the country.
Lawrence Yun discusses the reasons for the slip in Pending Home Sales in June 2012.
Listen to an interview with NAR President Moe Veissi on XM radio where he talks about encouraging signs in the housing market, including year-over-year price increases, lower inventory, and even multiple bids in some instances. He provides tips for people considering buying a home and what to do ahead of time before beginning the search for the perfect home.
Pending home sales declined in June but marked 14 consecutive months of year-over-year gains.
Local inventory data from Realtor.com confirms that most markets have a measurably lower inventory now compared to one year ago.