According to the National Association of Realtor’s most current Existing Home Sales Report, the housing inventory is at a 3.6-month supply. For the market to be considered healthy, it needs to
Year Over Year Sales Increase And What It Means
The National Association of Realtors’ most recent Existing Home Sales Report shows that, compared to last year, home sales are up dramatically in five out of the six price ranges they measure. The following is a chart showing their findings:
Let’s break this down a bit. Homes in the $0-100k price range are in the negative percent, -2.4%, because of the lack of inventory for homes in this price range. As we can see, in the $100-250k price range, there has been a 20.7% increase, which is great, but not the best out of these six price ranges, in fact, homes in the $750-1 million price range were the highest, reaching 43.2%.
What does this mean? Well, as prices of homes continue to increase, it isn’t surprising to see that sales of these higher priced homes are increasing alongside, but it does mean something if you are looking, or have been trying, to sell your home. Your home will still sell, but you might want to consider sitting down with an agent and identifying if your house is still priced appropriately for this ever-changing market.
Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....