Existing Home Sales Slowed by a Lack of Listings

Some Highlights:

  • The inventory of existing homes for sale has dropped year-over-year for the last 29 consecutive months and is now at a 3.9-month supply.
  • Existing home sales are currently at an annual pace of 5.48 million, the highest pace since June of this year, but down 0.9% from October 2016.
  • NAR’s Chief Economist, Lawrence Yun, had this to say: “While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”

 

 

JoAnn Petrosino, REALTOR®, ABR, CRS, GRI, CHMS, CNS
Coldwell-Banker Apex Realtors®

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