Just one week after reports of Existing Home Sales and New Home Sales plunging, the housing market signaled that the next few months may fare better than did May and June.
Although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July’s rate of sales, the nation’s new home inventory would be exhausted in just about 9 months.
April marks the third straight month that pending home sales are up and today’s buyers should take note. This is because, according to the National Association of Realtors®, 80% of homes under contract close within 60 days.
At the current sales pace, the nation’s complete supply of new homes would be sold in just 5 month’s time. That’s more than double the pace of a year ago.
Existing Home Sales rose in March, as expected. U.S. homebuyers closed on 7 percent more homes as compared to February.
