Low Supply and High Demand Drive Median Prices Up
Median prices continue to rise in response to the low inventory of properties for sale and the decreasing number of foreclosed and short sales. Lawrence Yun, chief economist of the National Association of REALTORS®, reported that home prices in most metro areas continued their fast ascent in the second quarter because supply remained at pitiful levels.
New listings of single family homes in Manatee County experienced a significant increase of 18.4 percent compared to July 2016, while Sarasota decreased by 1.7 percent. Condo new listings in Sarasota increased by 2.2 percent from last year and Manatee decreased by 6 percent.
Article written & reported by the Realtor Association of Sarasota Manatee. Visit www.sarasotamanateerealtors.com for more information.
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