Many preapproved buyers are exhausted from looking for a new home for obvious reasons.

1. Low inventory
2. High home purchase prices
3. Too much competition when making an offer

Don’t worry if you’re not a number or data person.

A few key takeaways from the article listed below:

1. More homes are up for sale
2. Fewer buyers in the market since school has started back up
3. Rent prices are only continuing to rise

If you have been recently preapproved and have not found a home, reach out to me. I would love to introduce you to the absolute best real estate agent we know in the marketplace.

Let us help you now since more homes are up for sale, and there is slightly less competition when making an offer, and owning a home means you no longer have to deal with increasing rent prices.

Original Source: WSJ.com

U.S. Home Sales Rose 2% in July Amid Higher Inventory

Median price was $359,900, easing from a record level in prior month

By Nicole Friedman

Updated Aug. 23, 2021 1:40 pm ET

The U.S. housing market remained strong in July, with sales of previously owned homes rising at a faster pace than the prior month as high prices prompted owners to put more properties on the market.

Sales rose 2% in July from the prior month to a seasonally adjusted annual rate of 5.99 million, up from a revised 1.6% gain in June, the National Association of Realtors said Monday. July sales were up 1.5% from a year earlier.

Still, the chaotic market is showing signs of calming down—especially for higher-priced homes—with prices easing slightly and the inventory of homes for sale increasing last month.

In recent weeks, she said, the market has slowed a bit as more inventory has come up for sale and potential buyers are busy with the start of the school year. Rising prices have also priced out some buyers, she said.

“I’ve worked with many first-time home buyers, and you could find them something under $200,000 all day,” she said. “That is challenging now.”

Surging home prices are contributing to demand for rental units and pushing up rent prices around the U.S.

Tiffany and Martin Harrison were frustrated with the lack of inventory when they began shopping in Middletown, Del. They wanted to buy a house over the summer before their children started school.

“What it began to feel like was that we might end up in a townhome…if we wanted to stay in this area,” Ms. Harrison said. The family bought a house for $389,000 in July, but “this was the only four-bedroom single-family home [on the market] that was in our price range,” she said.

While the market could continue to cool in the coming months, economists expect ultralow interest rates and a strengthening economy to underpin demand.

Any slowdown in price gains could also prompt potential buyers who have been waiting on the sidelines to jump back into the market. The Federal Reserve Bank of Atlanta’s homeownership affordability index declined 11.9% in June from a year earlier to the lowest level since 2008, as rising housing prices outweighed the benefit of lower interest rates.

If you have been recently preapproved and have not found a home, reach out to me. I would love to introduce you to the absolute best real estate agent we know in the marketplace.

Let us help you now since more homes are up for sale, and there is slightly less competition when making an offer, and owning a home means you no longer have to deal with increasing rent prices.

Start your pre-approval