Home Sale Prices Up, year over year
Number of Homes sold is up year over year
Existing Home Inventory is down, probably due to a decrease in the numbers of foreclosed homes hitting the market. Banks are selling their defaulted notes rather than foreclosing and selling themselves.
New Home Inventory however is up over last year as builders have more buyers and more funding to build new houses.
We also have an increase in the number of homes in pending home status this June over Last June.
Existing homes have a 5.2 month supply, which represents a balanced market.
New homes have a 6.2 supply which is just at the tipping point into a buyer’s market.
As we have been seeing for the past year, banks are foreclosing less, so there are less REOs, the houses that the investors buy the most. And when there are REO’s available, the investor is still competing against the hand home buyer. So we have to find new sources of inventory directly from the home sellers, from hedgefunds and by becoming the bank ourselves. It’s not the same type of real estate investing model in 2014 as it was for many people in the past.