Home sales are down slightly. It isn’t because people are not buying homes, it is because fewer people are selling homes. Demand remains strong and that has driven prices up.
“Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market,” said Lawrence Yun, NAR’s chief economist.
Median existing-home sale prices in the U.S. hit a record $264,800. The number of existing home sales declined for the 3rd month. Here in St. Paul average days on market have dropped below 25 for the months of April, May, and June.
If you are planning on selling your home now might be a better time to do it. The infographic does not have numbers for the bold North, but you can contact me for local real estate numbers and I can evaluate your home and let you know about how much it will sell for.