According to a recent report from Altos Research, the nation's housing market continued to be weak during the summer, despite presenting many advantages to prospective property owners.
During July, home prices increased in 14 of the 20 metro areas surveyed by the company in its Mid-Cities Report, while inventory increased in 12 of the markets. Based upon the statistics recorded this summer, in addition to the county's shaky economy, Altos analysts believe the sector is in for a "long, cold winter" in terms of real estate sales.
The report relays that, despite record-low interest rates for mortgages and increased inventories, home sales remained relatively stagnant during summer, which isn't a good sign for the sector's future.
"This is the first time we have experienced the current combination of low interest rates, high unemployment and a glut of inventory hiding in the shadow," Altos stated in its report. "The housing market in the United States is in a constant state of flux. Volatility is the norm and the rules of yesterday's market no longer apply."
In July, the U.S. median home price was up just $7, growing from $256,113 in June to $256,120 a month later. The greatest price increases among the 20 markets took place in San Antonio; Boise, Idaho, and Boulder, Colorado.
