July 2021 National Housing News

National Market News July 2021

excerpts from RE/MAX, LLC July 2021 National Housing Report

Inventory Grows from June While Home Prices, Sales Take Seasonal Dip

As reported by RE/MAX from their National Housing Report covering 53 metro areas, July inventory climbed 4.0% from June. This marks the first two consecutive months of inventory gains (month over month) since April & May 2019.

July's 1.3 months of inventory, though, set a new low for the month while July home sales were the third largest total in the 13-year report history.

Housing Market Highlights of the 53 metro areas surveyed:

• Closed transactions in July 2021 overall average of home sales is down 8.4% when compared to June 2021.
• Median Sales Price in July 2021of all 53 metro was $331,000, down 1.2% compared to June 2021, and up 16.2% from July 2020.
• The average Days on Market of the 53 metro areas for homes sold in July 2021 was 23, down one day from the average in June 2021, but down 21 days from the average in July 2020.
• Supply of Inventory of homes for sale in July 2021 in the 53 metro areas was up 4.0% from June 2021 and down 29.7% from July 2020. The months of inventory was flat at 1.3, based on the rate of home sales in July 2021. A balanced market equally between buyers and sellers is considered a six month supply.Of the 53 metro areas surveyed, none of the metro areas reported a supply at or over six months.

Nick Bailey, President, RE/MAX, LLC is quoted as saying in the report, “The month-over-month gain in inventory, extending a short trend that started in June, was great news – even though the shortage of listings remains a major challenge...In the past 13 months, we’ve seen the top three months of sales activity in 13 years of doing this report. That says a lot about today’s buyers. Given all the factors favoring sellers right now, it’s the buyers who are driving this very active market.”

You can read the full report in PDF format here: RE/MAX NATIONAL HOUSING REPORT FOR JULY 2021