RE/MAX Releases July 2021 Housing Report — RISMedia |
According to RE / MAX, inventories in July rose atypically by 4% compared to June, marking the first two months in a row with inventory increases compared to the previous month since April and May 2019. At the same time, the 1.3 months of inventories in July marked a new reporting low for the month. July home sales were the third largest sum in the report’s 13-year history, despite declining 8.4% from June – a seasonal norm. The average July home price of $ 331,000 was down 1.2% from a record $ 335,000 in June.
“The month-over-month increase in inventories, which continued a short trend that started in June, was great news – even if the lack of supply remains a major challenge,” said Nick Bailey, President of RE / MAX. LLC. “Some buyers have stepped back in the face of high prices, seller expectations, lots of offers, and intense competition, but new offers are still selling quickly. The demand is obviously still there. The market should continue to run hot, especially if interest rates stay low, prices stabilize a bit and more sellers come in to take advantage of it. “
With year-to-year comparisons skewed by the pandemic, the June-July averages for 2015-2019 illustrate what is typical in midsummer:
– The monthly decrease of 1.2% in the median sales price in July was smaller than the average decrease from June to July 2015-2019 of 2.2%. Year-on-year, the average sales price increased by 16.2%.
– The 4% month-on-month increase in inventories was untypical for this time of year – and far from the average decrease from June to July 2015-2019 of 1.6%. Although this marked the second consecutive month of growth (inventories were up 1.9% in June versus May), inventories were down 29.7% year over year.
The third-largest sum in the report’s 13-year history, home sales in July 2021 fell 8.4% – almost identical to the 2015-2019 average decline of 8.2%. In a year-on-year comparison, sales fell by 3.1%. The only months with more sales than July 2021 were June 2021 and July 2020.
Bailey continued, “The past 13 months have been the top three sales months in the 13 years of this report. That says a lot about today’s buyers. Given all of the factors that currently favor sellers, it is buyers who are driving this very active market. “
The average market days in July of 23 were one day fewer than June and 21 days faster than the same time last year. The July inventory of 1.3 months was identical to the June inventory, but significantly less than the July 2020 inventory of 2.0 months.
More information is available at www.remax.com.