Home buyers snapped up listings at record pace in July

Opposing forces dragged the property market in July, but the time to sell set a record.

According to Remax’s National Housing Report, the average market time fell to 23 days, from 24 in June to 44 a year earlier. It’s the fastest listing-to-sell rate since Remax began collecting the data in early 2009. The average time in the market fell below 40 days only nine times in the report’s history, and all between August 2020 and July, including every month since March.

Broken down by the 53 largest subway areas, the fewest market days were Cincinnati at nine, Nashville, Tennessee, at 10, and Omaha, Neb., At 11. Miami had the longest time with a 76-day average, followed by 75 in Des Moines, Iowa, and 63 in New York.

Despite the breakneck pace, total sales fell by 8.4% monthly and 3.1% annually. The largest declines in completed transactions were forecast in some of the hottest markets, forecast for 2022. Sales in Salt Lake City declined the most, at 22.5% year over year, while Dallas was down 20.8% and Boise, Idaho was down 20.3%.

“Some buyers have stepped back in the face of high prices, seller expectations, many offers and intense competition, but new offers are still selling quickly,” Remax President Nick Bailey said in the report. “The market should continue to run hot, especially if interest rates stay low, prices stabilize a little and more sellers step in to take advantage of it.”

While the competition remained very fierce, the housing stock grew for the second month in a row. The supply rose by 4% compared to June, but was 29.7% below the previous year’s figure. A 6-month offer defines the market equilibrium; However, July had 1.3 months.

Indianapolis saw the largest annual inventory decline at 86.6%. Albuquerque, NM and Hartford, Connecticut lagged behind, declines of 70.6% and 68%, respectively. None of the 53 metropolitan areas had a population close to six-month equilibrium.

Average sales price fell 1.2% from a record high in June to $ 331,000, from $ 336,000. However, it was up 16.2% over the previous year’s median of $ 285,000. The average home price rose annually in each market analyzed, with leaps of 35.7% in Boise, 28.2% in Phoenix and 24% in Augusta, Maine leading the way.