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Existing-Home Sales Drop with Limited Supply

Existing-home sales have plummeted to an all time low. This shouldn't come as a surprise to mortgage professionals who have been hearing the same tune for weeks now. There is simply not enough supply to meet the demands of buyers.

"Contract closings declined 3.6% month-over-month to a 5.57 million annual rate (the estimate was 5.7 million). The median sales price increased 5.8% year-over-year to $246,800," according to National Mortgage News.

"The inventory of available properties fell 10.3% year-over-year to 1.48 million, a record low in data going back to 1999. Sales in 2017 of 5.51 million were up 1.1% from 2016, the smallest gain in three years."

Going hand-in-hand with limited supply is the growing cost of homes that is reported almost daily. It has been increasingly difficult for buyers, especially first-time buyers, to find a home.

With cost to build becoming increasingly expensive for many contractors, there is no telling when the slump will be over.

To learn more about the drop in sales, click on the image above.

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