The Karlin Law Firm LLP

Providing quality legal services to statewide and national clients in ADA defense, Personal Injury, business and real estate for more than 35 years

866-500-8932
Email Us
Practice Areas

Supply problems still impacting residential real estate markets

The number of people signing contracts to buy homes climbed in California and other western states in July, but this was not enough to assuage the growing fears of industry experts. The number of new residential real estate contracts across the country as a whole fell in July for the fourth time in five months, and analysts are putting the blame on dwindling supplies rather than unfavorable economic conditions. A robust and growing economy, healthy employment figures and low mortgage interest rates continue to fuel the demand for houses. However, buyers in many of the nation's most active markets are finding few suitable properties to choose from.

The inventory of houses for sale in the United States has fallen by a worrying 9 percent over the last year and stood at just 1.92 million at the end of July. Prices rise when supplies are constrained, and the latest figures from organizations like the National Association of Realtors show that the average house price in the United States has increased recently by 6.2 percent to $258,000. These reports are especially concerning for experts as they reveal that residential real estate prices are climbing far more quickly than wages.

According to the NAR, the national median sales price of a house in the United States has increased by 38 percent over the past five years. However, hourly earnings only rose by about 12 percent during the same period. Nevertheless, the organization still expects home sales in 2017 to increase by a modest 0.7 percent.

Developers who wish to take advantage of supply shortages must complete their projects quickly, and this often involves overcoming regulatory, permit and legal issues. Attorneys with experience in this area may help developers to avoid potentially disastrous delays by addressing zoning, land use and title issues promptly. Lawyers could also seek to settle litigation expeditiously to prevent disruptions and keep projects on track.

No Comments

Leave a comment
Comment Information

Contact Us Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

L. Scott Karlin

L. Scott Karlin

Attorney Profile
David E. Karlin

David E. Karlin

David E. Karlin is a California attorney with a primary focus on business and real estate, including law and legal issues...

Attorney Profile
Michael J. Karlin

Michael J. Karlin

Michael J. Karlin is a Southern California based attorney whose practice primarily focuses on Entertainment Law. Michael began...

Attorney Profile

Recent Articles

ADA Fraud Reported

A recent article on the news concerns a man in Riverside County who allegedly has attempted to obtain money from property owners and businesses based on alleged violations of the Americans with Disablities Act (ADA). Read More

Tustin Office
13522 Newport Avenue, Suite 201
Tustin, CA 92780

Phone: 714-881-0054
Tustin Law Office Map

Newport Beach Office
2901 West Coast Highway, Suite 200
Newport Beach, CA 92663

Phone: 949-427-9328
Newport Beach Law Office Map

Carlsbad Office
2173 Salk Avenue
Suite 250
Carlsbad, CA 92008

Phone: 760-407-2409
Map & Directions

Riverside Office
6809 Indiana Avenue
Suite 100
Riverside, CA 92506

Phone: 951-643-8769
Map & Directions

Los Angeles Office
1100 S. Hope Street
Suite 103
Los Angeles, CA 90015

Phone: 213-519-5633
Map & Directions

Fresno Office
1444 Fulton Street
Fresno, CA 93721

Phone: 951-373-4384
Map & Directions