Californians who are involved in the real estate market might be interested in learning that the sale of existing homes fell by 1.8 percent nationwide in June. While fewer closings occurred, that does not mean that the demand for homes fell. Instead, experts say that the process slowed because of a tight supply of homes combined with a price growth that has made it more difficult for buyers to find homes to purchase that fit their budgets.
According to the National Association of Realtors, the adjusted annual rate of sales in June was 5.52 million as compared to 5.62 million in May. Despite this month-to-month decline, the June annual adjusted sales rate was still 0.7 percent higher than it was in June 2016.
The listings of homes that are considered to be affordable went quickly. The median sales price of homes in June in the U.S. was $263,800, which was up from $247,600 in June 2016. At the same time, the total inventory of available homes decreased by 7.1 percent year-over-year. First-time home buyers made up 32 percent of all of the home purchases in June, which was a decrease of 1 percentage point from June 2016.
Prospective buyers and sellers may benefit by seeking the advice of experienced real estate attorneys before they engage in residential real estate transactions. Attorneys may help by negotiating the contract terms and researching the properties to help their clients to avoid potential problems. They may help their clients with all of the legal requirements that are involved with real estate transactions, guiding them throughout the entire processes.