Key home sale index slides to 6-year low
Loading ...This morning I started the day like I always do, reading a little news online. Money.com had an article about home sales. Basically it's summed up right here:
"Existing home sales are likely to see more declines in coming months as a key reading of pending deals fell to nearly a six-year low in May, a real estate group said Tuesday."
We've all seen the market cool down. At this point it's cooled down quite a bit and this index indicates that existing homes sales are likely to decline even further. This is great news for the home buyer.
If you are looking to buy a home anywhere in the US, but here in Southern California prices are coming down. Less people buying means the inventory is going to sit and sit and sit out there. The only way to move it is to reduce the price. So in places like Fontana, Rancho Cucamonga, Riverside, Corona, Murrieta, Temecula, and San Bernardino, great deals can be found.
It's a buyer's market. If you are out there looking for houses you now can take your time and have the pick of the litter. So great news for buyers, not so great news for sellers, but if those sellers can hold on to their homes, sales will pick up when buyers start realizing the incredible opportunity out there.
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