While I will move to our local market reports over my next few blog posts, this one will cover the latest from across the nation according to the National Association of REALTORS®. The headline is that existing home sales dropped for the sixth straight month in July.
There are many reasons why home ownership is more compelling than renting. The infographic below from Florida Realtors via NAR highlights seven important ones.
We have seen the brakes heavily applied to the number of real estate transactions in the United States. The chart below, from the National Association of Realtors, shows just how much has changed in recent months.
Mortgage rates are now falling almost as fast as they rose over the last several months (see the chart below). While that doesn’t mean the housing market will bounce right back to where it was, it should slow the rate of decline in housing transactions. We are experiencing quite the roller coaster ride. Contact me with questions.
Over half the single-family homes sold in Sarasota County in June were cash sales. Wow! On the plus side for buyers, inventory is way up YoY. That said, it still has to go a long way before we start to see market balance. As it is the slower season for real estate in our area, we have to watch the next few months to really get a handle on what this market is going to look like when we get to our busier winter months. That said, those risk adverse on both sides of transactions may find this interim period as opportunistic.
