According to the National Association of REALTORS® latest reports, existing-home sales in April showed more than a 2 percent decrease from March, but an almost 2 percent increase from one year ago. Experts say that last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March, and new and existing inventory is not keeping up with the fast pace homes are coming off the market.
Existing homes averaged only 29 days on market in April; five fewer days than in March and 10 fewer days than one year prior. This has been particularly frustrating for prospective buyers, especially first-time homebuyers, because of the insufficient number of homes for sale. With new listings, interest is immediate and multiple offers are nudging the eventual sales prices higher.
These first-time homebuyers also claimed 34 percent of existing-home sales in April, matching the highest percentage since last September.
While existing-home sales were high in the first quarter of 2017, there is concern about the impact of low inventory on sales and prices as we move further into the peak season. If low inventory conditions continue into the summer months, buyers may feel rushed, and these increases in prices could effect affordability.
If you've been thinking about selling your home, now is the time to get it on the market! Contact us for a full market analysis on your home!