Homes are selling at the fastest rate since 2007, but sales could be even higher
if not for the ongoing lack of inventory in many markets, notes Jonathan Smoke, realtor.com®’s chief economist, in his latest column.
According to Smoke, Forty percent of buyers surveyed by realtor.com® in June said their number one obstacle in purchasing a home was finding one that met their needs.
There are 13 percent more consumers looking to purchase a home this summer compared to last summer, and there are 5 percent fewer homes for sale. Low inventory and fast home sales indicate a seller’s market, however, sellers are struggling to find a home to purchase. Some home owners say they aren’t willing to risk selling their current home without having a new one under contract.
“Sales typically peak in June or July, but this year might turn out to be an exception,” Smoke says. “With low mortgage rates, continued evidence of strong demand, and an increasing number of both buyers and sellers just starting to explore, we could have an extended peak.”
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