HOME SALES REMAIN STRONG
According to the National Association of Realtors (NAR) whos findings were published in the September issue of Realtor Magazine, the end of June 2017 figures show home sales continue to be strong with 5.52 million homes sold from June 2016 to June 2017 thanks to a solid job market and continuing low interest rates. There are also fewer financing contingencies which helped significantly reduce the number of failed contracts, down from 6% a year ago to just under 2% as of June 2017 which helped boost home sale closings during the reporting period.
The data also shows that home prices remain high thanks to low inventory, aggravated in part by Fannie Mae's single family home rental investment into "Invitation Homes" which is buying up available single family homes around the country and converting them into single-family rentals. This is worsening an already serious issue with low inventory and affordability problems caused by continued strong demand pushing up already high home prices. There are currently 1.96 million homes on the market nation wide with an average list price of $263,800.
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