Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
New listings increased 11.2 percent for residential homes and 13.5 percent for townhouse/condo homes. Pending sales increased 18 percent for residential homes and 10 percent for townhouse/condo homes. Inventory decreased 29.3 percent for residential homes and 4.4 percent for townhouse/condo homes.
Median sales price increased 11.4 percent to $245,000 for residential homes and 13.5 percent to $178,500 for townhouse/condo homes. Days on market remained flat for residential homes but decreased 8.9 percent for townhouse/condo properties. Months supply of inventory decreased 27.6 percent for residential homes but increased 3.7 percent for townhouse/condo homes.
While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.
Buying, selling, or leasing your home can be complicated. But it doesn't have to be complicated for you. Let us handle everything, give us a call today.
Brandon Barbier
(314) 282-8757
