Home sales likely crested sometime in July, but the market should hold strong into August and September, realtor.com Chief Economist Jonathan Smoke told Inman News.
In recent years, home sales had started off strong in the first part of the year but had weakened in the third quarter, Smoke said. The strong June realtor.com stats indicate a hardier market, less susceptible to the volatility seen in recent years, he said.
Low inventory is still the limiting factor in many markets, Smoke said. But rising prices haven’t dampened demand, as illustrated by the drop in monthly and annual median age of realtor.com’s inventory to 76 days in June. That, coupled with the surge in inventory, leads Smoke to think that 2014 housing market’s best days were still ahead in June.