The week leading up to the July 4 holiday didn’t add much in terms of inventory; however, realtor.com®’s latest Weekly Housing Trends Report predicts additional inventory in the short-term.
Market details for the week ended July 3:
– Median listing prices increased 10.1% YoY—the 47th straight week of double-digit growth.
– New listings decreased 3% last week. However, sellers listed more homes compared to last year in 12 of the past 15 weeks.
– Total active inventory was 39% lower than last year, but June saw a 43% YoY decline.
– Time on market decreased 23 days YoY, improving from June’s record 37 days on market.
What it means:
Travel and summer vacations amid a reopening economy likely hit pause on new listings; however, this is likely temporary, according to realtor.com®.
“While the holiday led to a dip in new listings, growth should bounce back in the weeks ahead as record-high prices continue attracting more homeowners to the market. Combined with recent improvements in the overall trend of inventory and the pace of home sales, the market is showing some early signs of relief from this year’s frenzy,” said realtor.com® Chief Economist Danielle Hale. “I still wouldn’t call the market buyer-friendly—as it continues to demand quick decisions and top dollar—but it’s finally inching in that direction. If the shift towards more typical seasonality continues, we could see the usual fall break in prices return this year.”
