“Historically low interest rates, low prices and improved consumer confidence, despite recent fluctuations, have helped the market tremendously, generating double-digit sales growth for more than a year,” said Mike Ruzicka, GMAR president.
The supply of homes on the market was at 7.8 months (demonstrating the length of time it would take to sell on the homes that are on the market) in July, according to the GMAR. A balanced market is considered 6 to 8 months of supply. During July the number of homes for sale declined by 0.09 percent.
“The Great Recession provided an abundance of available properties for sale. However, that five-year trend ended this spring as inventory of available homes for sale dwindled.”