U.S. sales of previously owned homes rise to five-month high

This report comes form https://www.crainscleveland.com/ that talks about the housing market of previously owned hoimes.

"Sales of previously owned U.S. homes increased in July to a five-month high, underscoring stability in the residential real estate market that may be starting to get a boost from falling borrowing costs."

Falling interest rates will effect home sales in a great way.Mortgage payments are a big part of most peoples monthly budget. Lowering interest rates will help homebuyers wallets and let them afford higher priced homes.

My wife and I are looking for a home, because the interest rates are falling. Lower Mortage rates creates more buyers and demand. That usually means home prices will continue to go up in price. 

"Declining mortgage rates, smaller annual home price gains and robust labor conditions are laying the ground for a pickup in sales in the second half of 2019. At the same time, the market is being constrained by a shortage of inventory at the lower end of the market, likely limiting sales to first-time buyers."
The shortage of homes also puts pressure on housing prices. Rememeber new medium priced homes where not being built from 2006-2016. Remember driving by new sub divisions that had fences around them, because of the banking issues at that time and not lending for homes.

Fast forward until today, home builders are building new medium priced homes now, but they have 10 years of no builds to catch up with. That will take a while to catch up and that will cause inventory shortage for sometime. Pricing pressure will continue for years until inventory gets better for buying. 

It's a great time to sell a home and get top price because of the interest rate and inventory shortage of homes. We have rolled out a great Full Service Flat Fee listing service, this gives you more money in your pocket when you sell your home. 

Ready to sell you home and capture more money, call me I'm Brett Icon Agent at EXP Realty 
216-703-5740.  If your in Arizona call 602-363-6551 and save thousands selling your home! 

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