Good news for home buyers, home appreciation has been slowing. This means that now is an ideal time to buy a home. Home owners want to sell their houses now while they still can, which means they are more willing to lower their prices for buyers.
The number of unsold houses on the market has risen this year to almost 4 million units. This is the greatest number of unsold houses the United States has seen in over eight years. Although there a great number of houses on the market home sales are still steady.
Single family home sales were only down by 0.9%, while the average overall sale price of homes increased by 0.9% last month. This could show that home sales are finally beginning to level out after record home sales for the past five years.
Hot sales markets are starting to slow, while average priced areas are starting to rise. Hot markets such as Minneapolis, Chicago, New York and Boston are slowing, while sales in moderate markets like Syracuse and Pittsburgh have increased. Overall sales decreased in Virginia and Maryland and increased in North Carolina, Georgia, Tennessee and Texas.
Sales were down more in the Northeast than in the South. Sales stayed steady in the Midwest and West.