Case-Shiller reaction: Housing markets still strongly dominated by sellers – Are homebuyers finding you?

Source:  Housingwire.com
The latest S&P CoreLogic, Case-Shiller Indices for June just came out, and the industry is not happy. Home prices increased annually, however some in the industry are concerned over the lack of monthly growth. Others point out the problems these rising home prices are bringing to homebuyers. Construction picture
“The data from the first half of 2016 is in, and thus far, the relentless sellers’ market we’re in the midst of shows few signs of reversing,” Zillow Chief Economist Svenja Gudell said. “The overall inventory of homes for sale is way down, national home values continue to rise and those homes that are available to buy are selling seemingly as soon as they hit the market. “In a handful of areas, including pricier markets like San Diego, inventory is starting to creep back up,” she said. “As conditions in more local markets begin to shift and become more balanced between buyers and sellers, the national market will follow suit.”

“The strong home price growth in much of the country, and meteoric rise in the West, is led by a continued lack of homes available for sale,” Quicken Loans Vice President Bill Banfield said.  [read article]

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