Last week’s Existing Home Sales Report from the National Association of Realtors shows sales have dropped by 3.7 percent compared to the month before.
This is the second consecutive month that sales have slumped.
Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple explanation as to why existing home sales have slowed – there aren’t enough homes to buy.
In Brevard County, there are more than 65 percent fewer single-family homes for sale compared to this time last year while buyer demand remains strong.
Nationally, there are currently 410,000 fewer single-family homes available for sale than there were at this time last year.
“Buyer confidence is rising especially here on the Space Coast,” said Jennifer McCoy of McCoy Freeman Real Estate, which serves Florida’s Space Coast.
“If we had more inventory to sell the number of sales would have been much much higher.