US Existing Home Sales Rise 0.7% Yearly Amid Tight Inventory

What are the latest trends in the US existing home sales market? In Early-Q3, US existing home sales experienced a slight decline of 1.7% month-over-month, yet they still finished 0.7% higher than the previous year, indicating that completed transactions are maintaining a pace above last summer's levels. The median existing home price reached $434,100, continuing a remarkable 37-month streak of yearly gains, which provides homeowners with increased equity to monitor. Inventory levels at the end of Early-Q3 totaled 1.54 million homes, representing a 1.9% decrease month-over-month and a 0.6% decline year-over-year, emphasizing the importance for buyers to closely track available listings in this competitive market. National housing affordability has improved despite rising prices, suggesting that prepared buyers can take advantage of aligning value, timing, and choices as the market evolves.

As the summer market progresses, understanding these trends is crucial for anyone interested in buying or investing in real estate.

For expert insights on the San Luis Obispo County real estate market, connect with Sheila Johnson, REALTOR® at LPT Realty.