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July Stats, REALLY late!!!

By in Tri-Cities Housing Market with 0 Comments

Bad news doesn’t become more palatable if you wait for it, right? Inventory in July (houses available for purchase) was upboth as a general rule as to what is available, and over the past few Julys.

inventory chart

AND sales are down – 16% over July of 2007.

sales chart

So, by the law of supply and demand, prices should decrease, right? Remember econ class? If there is a lot of a supply of something, and not a lot of demand, then prices are lower. When demand is high and supply is low, then prices increase. So, let’s take a look –

so far, they are on par with 2007 numbers ($193.1k (now) vs. $193.2k (then).

prices chart

So, what gives? I’m not entirely sure, but I think part of it is a slowing in the lower portion of the market. The first-time homeowner usually is qualified for a home on the lower end of the price spectrum. When the credit crunch hit, and people were no longer qualified just because they had a pulse and could remember their social security number, then the buyers for the lower-priced homes also lessened. Ergo, you have a greater inventory (the same people with the lower priced houses still have to move like they always have), but the houses being purchased cost more, so the average price stays high. I will need to do some additional checking, but that’s an idea that’s been kicking around in my head.

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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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