July Real Estate Market Trends

  • National inventory declined by 32.6 percent year-over-year, and inventory in large markets decreased by 34.8 percent.

  • The inventory of newly listed properties declined by 13.4 percent nationally over the past year, and also 13.4 percent in large markets

  • The July national median listing price was $349,000, up 8.5 percent year-over-year. Prices rose 7.8 percent in larger markets.

  • Nationally, the typical home spent 60 days on the market in July, the same as last year. The typical home spent 1 day less on the market compared to last year in larger markets.

Realtor.com®’s July housing data release reveals that an improving but continued lack of newly listed homes on the market, coupled with pent-up buyer demand, is driving inventory to all-time lows and is also steadily pushing prices up higher. Regionally, Northeastern metros have seen the most improvement, with properties now selling more quickly than last year, an improving rate of newly listed properties, and strong price growth. 

The total number of homes available for sale continued to be constrained in July. Nationally, inventory decreased 32.6 percent year-over-year, a faster rate of decline compared to the 27.4 percent year-over-year drop in June. This amounted to a loss of 440,000 listings compared to July of last year. The volume of newly listed properties in July decreased by 13.4 percent since last year. While still well below last year’s levels, the rate of decline in newly listed properties has improved from a peak decline of 44.1 percent year-over-year in April, and a decline of 19.3 percent year-over-year last month. Regionally, the Northeast has seen the greatest improvement in newly listed properties, now down only 1.2 percent year-over-year, compared to down 10.0 percent in the West, 16.1 percent in the South, and 20.8 percent in the Midwest. 

Housing inventory in the 50 largest U.S. metros declined by 34.8 percent year-over-year in July. This is an acceleration compared to the 26.5 percent year-over-year decline in June. The metros which saw the biggest declines in inventory include Riverside-San Bernardino-Ontario, CA (-50.4 percent); Baltimore-Columbia-Towson, MD (-48.7 percent); and Providence-Warwick, RI-MA (-47.4 percent). This month, none of the largest 50 metros saw an inventory increase on a year-over-year basis and 45 out of 50 saw greater inventory declines than last month. However, 35 out of the 50 markets saw the yearly decline in newly listed properties improve somewhat since last month, an indication that homes are coming onto the market and selling. Overall, new listings decreased 13.4 percent year-over-year in the nation’s 100 largest metros.

Nationally, homes continue to sell more slowly than last year. The typical home spent 60 days on the market in July, the same as last year. This is a large improvement from the rate of 15 days more slowly seen in June. Regionally, the time a typical property spends on the market improved most in the Northeast, where properties now typically spend 6 fewer days on the market than last year, followed by the Midwest, South, and West, each of which is seeing properties spend about the same amount of time on the market compared to last year.

In the 50 largest U.S. metros, the typical home spent 49 days on the market, and homes spent 1 day less on the market, on average, compared to last July. Among the larger metropolitan areas, homes saw less time spent on the market compared to last year in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (-13 days); Boston-Cambridge-Newton, MA-NH (-12 days); and Hartford-West Hartford-East Hartford, CT (-12 days). However, several large metro areas saw increases in time spent on the market, including Miami-Fort Lauderdale-West Palm Beach, FL (+24 days); Milwaukee-Waukesha-West Allis, WI (+8 days); and Los Angeles-Long Beach-Anaheim, CA (+8 days). 

Source : REALTOR.com Photo: Bradley's Digital Imaging

Real Estate Photography, Bradley's digital imaging, Loveland real estate photographer

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