Quarter 2 Single Family Homes Market report predicts a healthy real estate market. Closed sales increased 3. 7% from the previous year’s quarter 2. Home prices continue to keep rising in Q2. Sales prices continue to appreciate by 9.1 % from the previous year. Months supply of inventory decreased by 4.9 % from last year. There continues to be a shortage of homes available on the market. Demand for new homes continues to rise, and construction of new homes fell by 4.8 % in July. Building permits were also down due to labor and material costs increasing. Since real estate inventory is low, home prices continue to increase making it more difficult for buyers to find a home in their price range.
