Increasing sales and falling prices have let to mixed reactions regarding the current housing market. Economists warn that these numbers could artificially inflate good sentiment regarding the market as a whole.
What concerns many is the continued drop in prices, last month, the median price of a new home fell 2.5 percent in July from a year earlier to $224,200. This number may seem small, but considering how important real estate is to the economy, the percentage decrease is significant. Another interesting point is the decrease of available inventory on the market fell 0.7 percent to a record low 142,000 in July. If we continue this pace, it would take almost 5 months to sell all the houses on the market.
What is very encouraging is for the first time since 2005, home building is expected to add to the overall economic growth of the economy. This is significant due to the fact that home builders add many jobs and the acquisition of land and materials helps prop up surround areas affected by further development.
To me, the market continues to strengthen, regardless of falling prices. I see sold sign everywhere and the lack of inventory only continues to light a fire beneath the fence sitters. I recommend to continue promoting your listing to the best of your ability and to market you and your listings. Get it sold, because people are buying.