Existing US home sales for July will slip 0.4% to a seasonally-adjusted annual rate of between 5.32 million and 5.68 million according to one forecast
Existing US home sales for July will slip 0.4% to a seasonally-adjusted annual rate of between 5.32 million and 5.68 million according to one forecast.
The estimate, targeted at 5.50 million home sales, was calculated by online real estate marketplace Ten-X which highlights that despite the downtick, sales will be 2% higher than in July 2016.
"Extraordinarily low levels of both new and existing home inventory appear to finally be catching up with the housing market," said Ten-X Executive Vice President Rick Sharga. "This is especially a problem in some of the high-demand metro areas like Coastal California and the Pacific Northwest, and there's virtually nothing available for entry level buyers, which is why first-time homebuyer numbers continue to lag behind historic norms."
The Silicon Valley-based firm’s chief economist Peter Muoio added that the firm labor market and wage rises should keep the housing market solid but price gains will continue to raise barriers for potential homebuyers.
"US home sales continue to zig zag month to month as strong demand clashes with persistently low supply. The resulting price gains are beneficial for existing homeowners, but restrain prospective buyers," he said.
The estimate, targeted at 5.50 million home sales, was calculated by online real estate marketplace Ten-X which highlights that despite the downtick, sales will be 2% higher than in July 2016.
"Extraordinarily low levels of both new and existing home inventory appear to finally be catching up with the housing market," said Ten-X Executive Vice President Rick Sharga. "This is especially a problem in some of the high-demand metro areas like Coastal California and the Pacific Northwest, and there's virtually nothing available for entry level buyers, which is why first-time homebuyer numbers continue to lag behind historic norms."
The Silicon Valley-based firm’s chief economist Peter Muoio added that the firm labor market and wage rises should keep the housing market solid but price gains will continue to raise barriers for potential homebuyers.
"US home sales continue to zig zag month to month as strong demand clashes with persistently low supply. The resulting price gains are beneficial for existing homeowners, but restrain prospective buyers," he said.
