Year-over-year price gains hit 77 months in a row
By Jeff Sorg, OnlineEd Blog
(August 23, 2018)
(PORTLAND, Ore.) – Existing-home sales fell in July 2018 to their slowest pace since February 2016, according to a report by the National Association of Realtors®(NAR). Also according to the report, the West was the only major region with an increase in sales last month.
The median price for all housing types was up 4.5% in July to $269,900 marking the 77th month in a row of year-over-year price gains but July also marked the fourth straight month for falling home sales
Lawrence Yun, NAR chief economist, says the continuous solid gains in home prices have now steadily reduced demand. “Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” he said. “Too many would-be buyers are either being priced out or are deciding to postpone their search until more homes in their price range come onto the market.”
Average market time reported by NAR sits at just 27 days, which is up from 26 days in June 2018 but down 30 days from 2017.
To read the complete NAR report, please visit their National Association of REALTORS Newsroom.
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