HOUSINGNEWSREPORT
MY TAK E
WHERE HAS THE RESIDENTIAL REAL ESTATE INVENTORY GONE? BY MICHAEL MAHON PRESIDENT, FIRST TEAM REAL ESTATE
As we approach the fourth quarter of
purchase across the diverse markets of
their introductory economics courses,
2017, consumers, real estate agents,
the United States. This amount reflected
residential housing inventory in low
and real estate brokers are in search of
an inventory 9 percent lower than July
supply means housing prices continue
answers to the same question; “where
2016 (2.11 million), and highlights an
to escalate to settle the appetite of
has the available residential real estate
available residential inventory in decline
consumer demand.
inventory gone?”
and contraction, year over year, for 26 consecutive months.”
“The median existing-home price for all housing types in July 2017 was
According to housing statistics released by the National Association of Realtors,
Straight out of textbooks of universities
$258,300, up 6.2 percent from July
“at the end of July 2017, there were
across the country, providing education
2016 ($243,200). July’s price increase
1.92 million existing homes available for
of the laws of supply and demand within
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JULY 2017 | ATTOM DATA SOLUTIONS
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