Aug 10, 2017
The Midwest was the only region of the country to reflect a jump in existing home sales for June but a lack of inventory continues to put a drag on numbers coast-to-coast.
The nation’s heartland saw sales rates for existing homes rise 3.1 percent to reach an annualized rate of 1.32 million. That was in contrast to drops for the other sections of the United States which ranged from 0.8 percent to 4.7 percent.
Meanwhile, values continue to rise. Year-over-year figures for median prices showed increases in all regions with the Midwest leading the pack by producing a 7.7-percent jump to $213,000.
The culprit continues to be a lack of houses to buy.
“The demand for buying a home is as strong as it has been since before the Great Recession,” said Lawrence Yun, the National Association of Realtors chief economist as quoted in an Inman.com article. “Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”
The seasonally adjusted annual rate of sales of existing homes tumbled by about 100,000 from May to June. Though it was the second-slowest sales pace recorded this year, June’s rate still finished a bit ahead of its 2016 counterpart for the same period.
Nationally, housing inventory fell by half a point in June. The month’s figures saw a more than seven-point decline over the same time last year and marked the 25th month in a row of year-over-year inventory shrinkage.