” buyer traffic in their market this summer was “strong” or “very strong,” while most described seller traffic as weak…”
Housing demand remains strong this summer, even as inventory issues persist in many markets across the country, according to the REALTORS® Confidence Index for June.
The majority of real estate professions said buyer traffic in their market this summer was “strong” or “very strong,” while most described seller traffic as “weak.” The places seeing more home selling this summer include those 
with slower job growth, like North Dakota, Wyoming, New Mexico, and Texas, and there are indications those places will soon be buyer’s markets.
Overall housing demand this summer is on the rise due to more jobs being created and by low mortgage costs. According to NAR Research, “Job creation is strongly associated with the demand and supply of homes: strong job growth improves the prospect for home ownership, while job contraction in an area may lead to more homes being sold as people move out of the area.”
Here are five highlights from the latest REALTORS® Confidence Index:
- First-time buyers accounted for 33 percent of sales in June.
- Around 22 percent of sales last month were paid in cash.
- Fifty percent of properties sold last month were on the market for 34 days or less, the same percentage as June of last year.
- Real estate professionals think home prices will increase 3.6 percent in the next 12 months.
- Key issues affecting real estate sales this summer are: Lack of housing supply, homes becoming more un-affordable, appraisal woes, and lender processing delays.
References: RealtorMag, NAR
Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Oxford Office 248-969-8065
Lapeer Office 810-338-0628
teamsuccesslisting@gmail.com
Team Success Listing Website
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