WHERE HAS THE RESIDENTIAL REAL ESTATE INVENTORY GONE?
BY MICHAEL MAHON PRESIDENT, FIRST TEAM REAL ESTATE
As we approach the fourth quarter of 2017, consumers, real estate agents, and real estate brokers are in search of answers to the same question; “where has the available residential real estate inventory gone?” According to housing statistics released by the National Association of Realtors, “at the end of July 2017, there were 1.92 million existing homes available for
their introductory economics courses, residential housing inventory in low supply means housing prices continue to escalate to settle the appetite of consumer demand. “The median existing-home price for all housing types in July 2017 was $258,300, up 6.2 percent from July 2016 ($243,200). July’s price increase
purchase across the diverse markets of the United States. This amount reflected an inventory 9 percent lower than July 2016 (2.11 million), and highlights an available residential inventory in decline and contraction, year over year, for 26 consecutive months.” Straight out of textbooks of universities across the country, providing education of the laws of supply and demand within
JULY 2017 | ATTOM DATA SOLUTIONS
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