The latest Realty Check from CNBC's Diana Olick
The basics and my analysis:
Median Price of a home sale rose 5.7% to $407,600, a 5.7% increase.
Inventory rose 9% month over month and up 16% YOY.
Sales were down 1.9% from last year.
"Home prices reaching a record high for the month of April is very good news for homeowners, said NAR Chief Economist Lawerence Yun, however the pace of price increases should taper off since more inventory is becoming available". (WEITZ - AKA - price drops).
Weitz take: TIIIIIIIIMMMMMMMBBBBBBEEEERRRRRRR..... here is the inventory number we have been talking about and anticipating. That is by far the biggest predictor on pricing moving forward (along with interest rates at a close 2nd). If inventory continues to rise and rates stay anywhere close to where they are, we will start to see price slashing.
I'll go ahead and make a bold prediction...... The current market top has either been reached or will be reached in the next few months....I think we will have notable price drops by year's end in almost every major market.... you don't get that on CNBC! I may be wrong, but I strongly believe this inventory increase will start to cause ripples.
If you are interested in investing in Snohomish County Commercial Real Estate, shoot me an email or a text and I'd be happy to help.
Weitz Commercial
108 Union St.
Snohomish, WA
Scott@WeitzCommercial.com
t: 206.306.4034
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