With declining home sales, growing inventory and price growth, December 2018 closes out as the seller’s market moves to a more balanced market. Home sales again declined in December, making it a record month in the 10-year history of the report. However, inventory grew 4.6% in December, also a report record! December 2018 saw a year-over-year increase in inventory which reverses a decade-long streak of year-over-year inventory declines.
“December’s inventory gain, continuing the three-month growth trend, is welcome news,” said RE/MAX CEO Adam Contos. “The market remains choppy and there’s still a long way to go, but these gains represent steps toward a balanced market, which in the long run is healthy for both buyers and sellers.”
“Home sales have cooled, especially during the second half of 2018, but that was inevitable given the strong seller’s market that has persisted for nearly a decade,” Contos said. “We believe sales activity can pick back up if the pace of price escalation continues to moderate, interest rates tick further downward, and wage growth continues.”
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