During the June–August 2018, properties typically sold within one month in 32 states and in the District of Columbia.
Home prices have started dropping, although modestly in some areas.
Lack of supply remains the major obstacle to homebuying and the factor driving up prices and eroding home affordability.
A typical household earning about $51,000 can afford to buy 36% of homes for sales in the United States.
Housing affordability declined from a year ago in July moving the index down 8.2 percent from 151.2 to 138.8.
Amid strong demand compared to homes for sale, REALTORS® reported that properties were typically on the market for 27 days, a shorter time compared to one year ago (30 days) and about the same level during the prior month (26 days).
In 2017 the typical member had a median of 11 transactions, and a median sales volume of $1.8 million.
Nationally, the median price of existing homes sold in July 2018 rose to $269,600, up 4.5% from one year ago, but slower than the 5.7% appreciation in 2017.
This is the fifth straight month (since March 2018) that Realtors® reported a decline in buyer activity compared to conditions one year ago.
Eighty-six percent of respondents reported that home prices remained constant or rose in July 2018 compared to levels one year ago (91 percent in July 2017).
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