Boosted by historically low mortgage rates, buyer demand is picking up, and inventory is tightening, according to data from realtor.com® released this week.
Compared to July of last year, there were 7 percent fewer listings new to realtor.com this year, and entry-level inventory—homes priced under $200,000—slid 9.9 percent. In July, inventory in the $750,000-plus tier tracked up 6.6 percent year-over-year.
Meanwhile, the median national price was $315,000, an increase of 5.5 percent year-over-year, but down from an 8.7 percent gain the prior year. Below-$200,000 homes moved in 56 days, while homes priced $750,000-plus sold in 81.
“July’s data highlight tension in the housing markets between buyers eager to take advantage of lower mortgage rates and potential sellers concerned about slowing price growth,” says George Ratiu, realtor.com senior economist. “The decline in newly listed properties suggests that some would-be sellers are stepping back from the market during the peak buying season, when most people are searching for their next home.”
For more information, please visit www.realtor.com.