High prices are keeping home sales activity sizzling through summer, with listings moving 6 percent faster year-over-year in July, according to the latest data preview from realtor.com®. Prices in July are 10 percent higher than those one year ago, with the national median at $275,000 and the national median age of inventory at 64 days. There are 11 percent less homes on the market year-over-year.
“In the middle of the summer we normally see the housing market begin to slow down and prices drop a bit, but this year has been a different story,” says Javier Vivas, manager of Economic Research at realtor.com. “After a strong start to the buying season, homes are not only selling faster than last July, but faster than last year’s peak months. However, quick sales don’t necessarily mean more sales, particularly when there isn’t enough inventory as is currently the case. Home prices also remain stubbornly high, failing to show hints of the usual seasonal cooldown. Low- and moderately-priced homes are being snatched up especially quickly, keeping many would-be buyers from being able to get into the market.”
The housing markets ranking in realtor.com’s Hotness Index for July:
- Vallejo-Fairfield, Calif.
Median Age of Inventory: 31 days
- Kennewick-Richland, Wash.
Median Age of Inventory: 31 days
- San Francisco-Oakland-Hayward, Calf.
Median Age of Inventory: 32 days
- San Jose-Sunnyvale-Santa Clara, Calif.
Median Age of Inventory: 30 days
- San Diego-Carlsbad, Calif.
Median Age of Inventory: 36 days
- Stockton-Lodi, Calif.
Median Age of Inventory: 35 days
- Columbus, Ohio
Median Age of Inventory: 38 days
- Fort Wayne, Ind.
Median Age of Inventory: 38 days
- Sacramento-Roseville-Arden-Arcade, Calif.
Median Age of Inventory: 37 days
- Detroit-Warren-Dearborn, Mich.
Median Age of Inventory: 38 days
For more information, please visit www.realtor.com.
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