New Home Sales for April were down significantly from March and came in lower than expectations but are still up a half percent from April 2016. March was revised higher to the highest level we’ve seen in almost ten years! Unfortunately, inventory levels are still at about half of what it was a decade ago. Demand holds strong, making homes sell off the market as fast as they come on, keeping that inventory low.
Fun fact: New Home Sales refer to those of signed contracts on new homes.
Zillow launched a pilot program, “Instant Offers,” in Las Vegas and Orlando for homeowners looking to sell their home for cash offers from select investors. The goal is to eliminate staging and open houses (the prep work of home selling) and allow the homeowner more control. While it claims an agent will be involved throughout the process, it’s not difficult to see many homeowners opting out of using an agent and attempting to use the program without one.
To hear more on our thoughts regarding Zillow’s Instant Offer program, their Zestimate, and more, give our podcast a listen!