gray-logoThe National Association of Realtors published their June 2017, housing statistics on Monday, July 24.  Nationally, existing home sales fell during the month of June 1.8% over the previous month.  The adjusted annual rate indicates 5.52 million sales.  The median sales price hit a record high of $263,800, which is 6 ½ percent higher than June 2016.  March realized the highest level of sales this year and are equal to the 2007 level.

Severe supply shortages are limiting buyers as the demand is growing due to a stronger economy and many first-time buyers entering the market.  First-time buyers accounted for 32% of June’s sales; in 2016 that percentage was 35.  Foreign buyers are making a big investment in 2017:  Nearly a 50% increase from Canadian, other foreign buyers and recent immigrants.  This accounts for ten percent, which is 2% higher than last year’s statistics!