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Home Sales Fell in August as Supply Diminishes


If you’re selling your home now, you are one very happy camper! The availability of homes is shrinking faster than a cashmere sweater in hot water.

Because of the shortage, prices are rising and prospective buyers are being priced out, says an article from Forbes.

According to the National Association of Realtors, existing-home sales slipped 1.7% in August. The slump was the fourth decline in five months and brings the annual rate to the lowest level in 12 months.

"What's ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it's putting on prices in several parts of the country," says Lawrence Yun, NAR's chief economist, in a statement.”

Median home prices have risen 5.6% in the past year and, in some markets, the increase has hit double digits. Adding to buyers’ woes is the tight supply of available homes. In fact, home inventories have shrunk for 27 consecutive months – good news for sellers; very bad news for buyers.

For the full article, please see this: HERE

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.

Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion-dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

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