Last week, we provided market statistics related to the local market.
This week we’ll provide information about the national market.
Realtor.com released their July Housing Market Report. Here’s what Sabrina Speianu, Economic Data Manager, had to say,
“Realtor.com®’s July housing data release reveals that the housing market is continuing to move toward more balance. Inventory levels continue to rise, providing more options to homebuyers who are still actively looking for a new home and price reductions are also increasing, as sellers adjust to the new normal. However, housing remains expensive and fast-paced with the median asking price close to June’s all-time high while time on market is still slightly lower than last year and significantly lower than pre-pandemic levels. Although demand has softened greatly compared to last year, housing activity remains robust compared to pre-pandemic levels.”
Top takeaways from the report are:
- Less Frenzy Means More Options for Those Still Looking to Buy a Home
- Time on Market Higher Than Last Year in Many Metros, but Homes Are Still Moving Historically Fast in General
- Signs of Softening Price Growth Are Emerging