- Though June’s existing home sales numbers show that we’re about 95% back to the pre-recession average, there are many more households in the U.S. looking for homes than in the early 2000s.
- While slowly climbing upwards, inventory continues to plague homebuyers looking for a home. The month’s supply of existing homes in June 2016 was the lowest since June 2005.
- A silver lining from tight inventory is that homes are selling faster, which benefits agents and sellers. Existing home sales per agent ticked up
Existing home sales increased just 1.1% in June to an annual rate of 5,530,000, which is down from May’s 1.8% increase. June’s numbers also indicate that existing home sales are about 95% of the pre-recession average.
While approaching the pre-recession average, there are more households is the U.S. now that in the early 2000s. Despite existing home sales inching toward historical norms, supply remains low relative to demand. Seasonally adjusted, the month’s supply of homes in June 2016 was the lowest since June 2005, indicating that inventory problems still plague homebuyers.
Last, low inventory does have a silver lining. Homes tend to sell faster, which is good news for agents. In fact, the number of sales per real estate employee in June reached 3.56, which is the highest ratio since September 2015.
