It’s time to take a closer look at where our real estate market is heading.
Healthy buyer demand and a constrained supply of homes continue to be the story for much of the country. Nationally, showing activity remained substantially higher than the year before, and multiple offer situations are a frequent experience in many markets. With inventory still constrained, a competitive market for buyers shows little sign of waning.
Now, for the numbers:
- New listings were up by 4.1% to 5,868
- Pending sales increased 23.7% to 5,895
- Inventory shrank 47.5% to 5,580
- Median sale price rose 7.5% to $285,000
- Months’ supply of homes was down 50% to 1.3
“High buyer activity is expected to continue.”
While the number of unemployment claims has been far lower in recent weeks than they were in March and April, over 1 million new claims are still being filed each week and more than 31 million claims were applied in benefits in all programs as of early July, compared to fewer than 2 million in July 2019.
Despite the significant economic impact, homebuyers remain extremely resilient. With mortgage rates remaining near record-lows and home purchase applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall season.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
