According to the National Association of Realtors home sales for the month of August were down 1.7% from July.
“Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” says Lawrence Yun, chief economist at NAR. “What’s ailing the housing market, and continues to weigh on overall sales, is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale.”
Rates are low, home prices are steadying and more people are employed……what we are lacking is quality homes for sale.
For example, Berkley MA in the past typically had approximately 40 homes on the market at any given time. Now there is only 20!! That is up from a low of 13 earlier this year, but is still half the number of homes available for sale.
This lack of inventory is causing some buyers to just hold off on their home buying aspiration. They are tired and not up to the auction type frenzy that the more affordable homes generate. Young buyers do not want to feel forced to buy a home or pay more than they are comfortable with just for the ability to own a home.
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Bobbie Files is a Real Estate agent at SUCCESS Real Estate, covering the Bristol, Plymouth and Norfolk County areas