Existing home sales in America decreased for the third straight month as a result of the severe housing shortage that is not releasing its grip on the nation’s housing market. Conversely, homes sales in the Naples area were up 8 percent in July. The nation has only a 4.3-month supply of home inventory, while Naples has a healthier 6.25-month supply of inventory.
Interestingly, while July’s overall inventory fell 1 percent to 4,871 properties from 4,928 properties in July 2017, inventory increased 5 percent in the $300,000 and below price category. In fact, inventory for single-family homes in this price category jumped 21 percent in July to 345 from 286 in July 2017.
Overall pending sales in Naples were up 11 percent in July, with only one price segment ($500k-$1M) reporting a decrease compared to July 2017.
How buyers are purchasing homes in Naples is very different than the national average home buyer, as well. Cash sales accounted for only 20 percent of home purchases in July nationally. But in Naples, cash sales accounted for 50 percent of all home sales in July.