Homes Selling Quickly
The lack of supply will lead to more competition in the market this fall. This is not welcome news to first-time buyers; this group accounted for 33 percent of all housing market activity in July. This is up 1 percent from both a month ago and a year ago. For all of 2016, first-time buyers represented 35 percent of the market.
Some Gains, Some Losses
Although the demand for homes is high among first- time and veteran buyers alike, the lack of inventory is putting pressure on the sales pace. Existing-home sales increased in the South and West in July, but these gains were tempered by drops in the Northeast and Midwest. Overall, home sales fell 1.3 percent to a seasonally adjusted annual rate of 5.44 million, the lowest rate of the year to date; however, the sales pace is still 2.1 percent higher than July 2016.
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