While home values (on average) are still on the upswing, according to NAR (national association of realtors) the housing inventory is on it’s longest downward stretch in two decades.
Are homes selling? Yes! Sellers are still seeing returns as home prices have continued to increase year-over-year. Home Values are up 5.8% compared to July 2016 (one year ago). Home Sales are up 2% compared to one year ago (meaning more homes are selling).
The inventory issues we are seeing is that there is a lack (shortage) of homes coming on to the market in a variety of price points. While new construction hasn’t stalled, builders are not catering to the entry level price point and with affordability being one of the biggest concerns of buyers in today’s market there may be no end in sight for the inventory shortage.
Wondering what your home is worth in today’s market? Call us at 985-778-2525 or visit www.SubmitMyValue.com today and discover what your home is worth!