Live Urban's Short and Sweet MarketSnapshot
July is summer break for the Real Estate industry: this time of year, listings slow and buyers go on vacation. It's no surprise that July's real estate trends showed declines in new listings, sold homes, and sales volume as compared to June. What's surprising is July's numbers as compared to this time last year.
Finally, some great news for buyers!
Days on market have increased by 4% as compared to June and almost 12% since this time last year, as Sarah Bryant explained above. This means that buyers can save some of their œscrambling for breakfast.
But
Despite a slight decrease in average home prices since June, home prices are still on the increase as compared to this time last year (to the tune of almost 10%). This is likely because of the continued home inventory shortage. Experts believe that once the number of listings go up, home prices will go down.
It's Economics 101
Supply and demand continues to inflate home price points, and it looks like July followed suit. With many flocking to beautiful Colorado, and fewer people listing their homes, supply is down and demand is up. July showed further reductions in inventory with a 15% listing decrease since June and a 4% decrease since July of 2016
Socials