National Home Sales Fall
The National Association of Realtors reported today that home sales are at their lowest levels in ten years. They reported that existing home sales dropped 2.6% last month. The average median home price also fell to its lowest level in ten years. The 2.6% that was reported was more than what analysts expected. The median price for a home sold in June was $215,000. That number is 6% lower than what it was a year ago.
Luckily Cabot is not quite that bad. Maybe because the median home price here is a lot less than the national average. Home sales are down some as I will highlight at the end of the month. To view last month's Cabot real estate update, click on the link. The main thing that has been noticed by myself and other Realtors is homes are staying on the market longer. Sometimes anxious sellers drop the price to sell their home quicker, but there are still many homes that are being sold for full price.
Analysts do not expect home sales to pick up until spring of next year. I hope they are right. If they do pick up the media will start reporting it and hopefully help people want to start buying again around the U.S.
Good day