Buyers Struggle With Record-High List Prices

Buyers are struggling just a wee bit, the median listing price for homes nationwide reached an all-time record in June, realtor.com® reports. List prices soared to a median of $299,000 this month, as a shortage of homes for sale and high buyer demand continued to push asking prices higher.

Us living in the bay area know that $299,000 would be a dream come true, but this is a NATIONWIDE number, the bay area’s median is close to a million but anyways let us move on.

“Limited options, fast-selling properties, and escalating home prices have been a persistent challenge for would-be buyers,” realtor.com® notes in its June 2018 monthly housing trend report.

On average, homes sold in 54 days in June. Inventories increased 4 percent month over month, which is a typical seasonal increase, the report notes. On an annual basis, however, inventory is 4 percent lower.

Of the 100 largest markets, the following six saw listings spend 30 days or less on the market on average:

  • San Jose-Sunnyvale-Santa Clara, Calif.: 23 days on market
    • Seattle-Tacoma-Bellevue, Wash.: 24 days on market
    • San Francisco-Oakland-Hayward, Calif.: 25 days on market
    • Omaha-Council Bluffs, Neb.: 26 days on market
    • Salt Lake City, Utah: 26 days on market
    • Colorado Springs, Colo.: 30 days on market

“The pace of sales in the early days of summer continues to be as fierce and unforgiving as it’s ever been, especially for entry-level buyers,” says Javier Vivas, director of economic research for realtor.com®. “On the bright side, buyers saw more new listings hit the market than they saw last June, causing inventory to drop at a slower rate. However, much of the new inventory is composed of higher-priced, newer and larger homes, forcing a very hungry pool of buyers to adjust their budgets.” 

As always thank you for reading

xx

Source: realtor.com®