The housing market is becoming more balanced and it’s putting home buyers in better position. Buyers are benefiting from a rising number of homes for sale, which has caused home price increases – and the overall market – to slow. Perhaps that’s why sales of previously owned homes saw a 2 percent month-over-month increase in July. According to new numbers from the National Association of Realtors, sales were up in the Northeast, South, and West, while falling 1.1 percent in the Midwest. Lawrence Yun, NAR’s chief economist, says buyers are better situated than they’ve been in a long time. “The ever-so-slight improvement in housing affordability is inching up home sales,” Yun said. “Home buyers are in the best position in more than five years to find the right home and negotiate for a better price. Wage growth is now comfortably outpacing home price growth, and buyers have more choices.” It’s true. The number of homes for sale is currently at its highest level since May 2020, with a 4.6-month supply of available homes at the current sales pace. A 6-month supply is considered healthy for the market. (source)
