Law Office of Ryan S. Shipp, PLLC

Home sales sluggish because of low inventory

Florida residents who are looking for a new home may not be surprised to hear that there are relatively few available properties on the market. Although homes were selling at a near record pace, existing home sales around the country dropped by 1.8 percent overall in June because of the low supply. Only the Midwest region was able to buck the trend and see an increase in sales during that month.

Despite the sales dip from May to June, sales were actually up about .7 percent since this time in 2016. The seasonally adjusted 5.52 million sales in June was the second-lowest of the year ahead of only February's results. According to one economist, demand is still strong, but low supply is causing prices to increase, which is pricing some people out of the market. There were 1.96 million homes available for sale nationally in June 2017, which was 7.1 percent lower than June 2016.

In June 2017, 32 percent of the purchases were made by first-time buyers. That number was 33 percent in May and it was also 33 percent in June 2016. Homes that are available for sale are staying on the market for six fewer days than there were a year ago. Overall, 54 percent of homes on the market were available for less than a month.

When an individual is going through the real estate buying process, it may be worthwhile to do so with the help of an attorney. An attorney can review the proposed contract terms so that buyers understand exactly what they are agreeing to.

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