Sales of homes on the market slipped to their lowest level of the year in July 2017. As the conversant undercurrents of "lean supply and enthusiastic demand lingers. It continues to strain the housing market, although it reached 5.44 million,” according to Association of Realtors The Association of Realtors also noted “that it was down 1.3% from a downwardly-revised June pace. While July’s pace was 2.1% higher than a year ago, it was the lowest since last August”.
NAR Chief Economist, Lawrence Yun stated in July, that “homes are selling fast, strong demand meant listings went into contract in under 30 days. It also pushed prices higher”. The demand lingers for new listings to come on the market. Because of this demand sales contracts are moving quicker. Within this current housing market, it takes roughly 30 days for a home to go from listing to contract. Market Data Florida Realtors shows that completing a transaction is down from 36 days in 2016.
The national median existing-home price is up 6.2% from a year ago. This marks the 65th successive month of year over year’s gains as prices reach an unprecedented high. All four regions of the United States disclosed growing prices from a year ago. The West region led all regions with an incline of 7.6%. The South region had a gain of 6.7%. The Midwest experienced a gain of 5.9%. The Northeast disclosed the least gain of all regions with 4.1% since 2016. The two regions that advanced since the sharpest recovery in home prices are the South region and the West region. This year, cities in those regions are also likely to see above-average housing gains.
Wikipedia Case-Schiller Index