Neighborhood Inscope

Existing Home Sales Continue Annual Drop

By Dr Denver H. Bubble

Mon Apr 23 2018

Existing home sales saw a better than forecast 1.1% month over month increase in March, mostly driven by the Northeast and Midwest after the weather-related slowdown in February in those areas. In our home market, existing-home sales in the West declined 3.1 percent to an annual rate of 1.23 million in March, but are still 0.8 percent above a year ago. The median price in the West was $377,100, up 7.9 percent from March 2017. Another positive for affordably was housing inventory rising 5.7%. However, home prices keep rising at a faster pace than inventory. This is what Larry Yun had to say, "Although the strong job market and recent tax cuts are boosting the incomes of many households, speedy price growth is squeezing overall affordability in several markets – especially those out West." There doesn't appear to end in sight to the recently prices increases.

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