The number of homes sold in July was up by 2.4%. However, inventories declined by 1.4%, which does not bode well for home buyers. According to the RE/MAX National Housing Report, there were 2.7 months of supply inventory in July, down from 3.3 months during the same period last year.
The CEO of RE/MAX, Adam Contos said, “Housing prices, year over year, have risen 88 of the last 90 months dating back to February 2012. If the trend continues, it’s not an encouraging development for buyers."