August National Market Update #3
The world is changing quickly, and we can see how much it is affecting the market. But why are we seeing such a large shift in the market?
Hi, I’m David Hit, let’s see what experts have to say about the shift in the market. There has been a recent increase in the number of homes for sale. Mark Fleming, Chief Economist at First American says, “There has been a pickup in the inventory that we’ve seen recently, but it’s not from a big increase in new listings…but rather from a slowdown in the pace of sales. And remember that a months’ supply measures the inventory of sale relative to the pace of sales. Same inventory, fewer sales, means more months’ supply.” So the same number of homes are going up for sale, but it is taking longer to get them sold.