About The Real Estate Group

The Real Estate Group (TREG) “Partners in Excellence”

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Existing-Home Sales Can’t Catch A Break

Existing-home sales have continued to deteriorate in the face of a persistent housing shortage, quickly rising home prices and added stress due to Hurricanes Harvey and Irma.

 

The National Association of Realtors’ (NAR) existing-home sales declined 1.7 percent to a seasonally adjusted annual rate (SAAR) of 5.35 million in August — down from 5.44 million in July.

 

This month’s sales pace is 0.2 percentage points above August 2016 and is the lowest SAAR sales pace seen in a year.

 

Low inventory continues to weigh on market

 

The median existing-home price for all housing types in August rose 5.6 percentage points to $253,500, which marks the 66th consecutive month of year-over-year gains.

 

Total housing inventory dropped 2.1 percentage points month-over-month to 1.88 million homes for sale. Year-over-year inventory declined 6.5 percentage points and is in its 27th consecutive month of year-over-year declines. Unsold inventory is at a 4.2-month supply, a 4.5 percent year-over-year decline.

 

NAR Chief Economist Lawrence Yun says the month’s existing-home sales decline is, once again, due to low inventory and rocketing home prices.

 

“Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” Yun said.

 

“What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale.”

 

For the complete article, please see the original article on Inman.com, by clicking HERE.

About The Real Estate Group

The Real Estate Group (TREG) “Partners in Excellence”

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.