First quarter pending sales were down 23 per cent year-over-year and overall inventory was up by a third; meanwhile the median closing price was up 8 per cent.
The National Association of Realtors reports that the wider US vacation homes market is also faltering, down 19 per cent in 2015 compared to 2014. Chief economist Lawrence Yun says that there are a number of factors including the presidential election and economic uncertainty.
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A US housing market, popular with Canadian snowbirds, could be a risky investment according to a report from the realtors. The Naples Area Board of Realtors’ figures show that despite a rising inventory and lower pending sales, prices are continuing to rise.