Internationally, home prices are actually falling in Toronto, Vancouver, Sydney, and Melbourne.
Single-family home prices are lower now than a year ago in those cities even though their national economies are booming.
In the United States, home prices are still increasing but after our unbelievable real estate bust 10 years ago, many people are hypervigilant looking out for any early warning signs of changes that might suggest that the U.S. real estate market is peaking.
The number of homes listed for sale this July versus last July was up in these metro areas, according to Realtor.com.
Number Of Homes For Sale - Change from July 2017 to July 2018 +44% in San Jose +29% in Seattle +19% in Portland +18% in San Diego +15% in Dallas While the inventory of homes for sale was increasing in some of the hottest markets, inventory was tightening up in some other markets like Indianapolis and Milwaukee.
The real estate industry has been saying home sales have been low because of the low inventory of homes for sale, not because of high home prices.
In California in June, however, the number of homes sold decreased even though the inventory of homes for sale increased.
The number of homes sold in July was the lowest for a July since 2012.
Unexpectedly, the number of single-family homes listed for sale in King County increased 44% from July 2017 to July 2018!
Nationally, the U.S. real estate market may not be peaking but it’s looking like some of the hottest markets are certainly losing their upward price momentum.