The data (courtesy of MAAR) for July 2017 is in, and the results are consistent with what we’ve been seeing for quite some time. The data – compared with one year prior, in July 2016 – are as follows;
1. New Inventory for the month is down, by -3.9%
2. Housing inventory – overall – is down, by -18.3%
3. The median sales price is up, by +5.9%
4. Closed sales are down, by -2.6%
There are many, pre-approved buyers, ready to purchase. The issue is inventory. Certainly the lower levels of inventory put upward pressure on pricing. +5.9% is above average (in a balanced market, it should be @ 3.0%, +/-).
I also hear the same thing among friends of mine in the Realtor and Lending world; inventory is the issue. And this is not a new thing.
Lastly, this inventory problem is NOT predicted to change, anytime soon.