The trend continues for August 2018 with increasing home prices and low inventory, according to the RE/MAX National Housing Report, making August the sixth time of the year that homes sales were behind from last year.
“It varies by market, but we’re hearing that buyers are being more selective and sellers are becoming more pragmatic,” said RE/MAX CEO Adam Contos. “That dynamic could bring inventory levels up, especially in the most overheated markets, where we expect to see the clearest signs of equilibrium returning. The economy is strong and potential buyers are out there—they just need more listings, at the right price points, to consider. We believe that balance will return, which will be good for everyone in the long run. It’s just a matter of when.”
However, even though lack of inventory is a challenge, Contos believes that the trends suggest that the market appears to be re-balancing. “The moderation we are experiencing seems to be a bit more than the normal seasonal lull we’d expect this time of year,” said Contos.
If you want a fresh start in a new home this year, contact your RE/MAX Agent to discuss all of your real estate needs.
You can view the full report here.