Weekly Housing Trends Key Findings
- The median listing price grew at 8.6 percent over last year, notching a second week of single-digit price growth after a 50-week streak of double-digit price growth. The good news for buyers is that the pace of price growth is now half April’s 17.2% year over year pace. The good news for home owners and potential sellers is that despite slowing, home prices continue to grow. The median home listing price held its record-high in July at $385,000. We expect prices to ease as we head into fall, as they have historically, which means we may not see new all-time highs, but are likely to see the highest prices ever for the fall and winter season.
- New listings–a measure of sellers putting homes up for sale–was up 3 percent. More homeowners continue to list homes for sale compared to a year ago. We’ve seen this trend in 17 of the last 20 weeks. Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers. They’re helping to mitigate the declines in overall active listings, keeping prices from advancing at a faster pace, and ultimately leading to more home sales.
- Total active inventory continues to shrink, but it’s down just 28 percent from this time last year. While there are still fewer homes for sale than last year, the gap continues to shrink, getting smaller for the last 18 weeks in a row. At this pace, we are likely to see inventories begin to grow before the end of the year.
- Time on market was down 17 days from last year. Homes that are in good condition and well-priced continue to sell fast. The typical active listing was on the market 38 days in July, just a day longer than June’s record-fast pace. We expect the market to hold it’s momentum over last year. However, unlike in 2020 when homes sold unseasonably fast in the fall, our prediction is for a much more normal seasonal trend this year. That means we’re likely to see some slowing ahead as vacations end and school resumes.
Source: https://www.realtor.com/research/weekly-housing-trends-view-data-week-aug-7-2021 from Danielle Hale of Realtor.com
Recent Blog Posts:
About Realtor Michael Mahoney
Michael Mahoney | Realtor® | 617-615-9435 | firstname.lastname@example.org
I am Michael Mahoney, a full-time Realtor® in the Boston area affiliated with Century 21. I have been a Boston area Realtor® since late 2001.
It’s my mission to help people realize their form of the “American Dream” using homeownership, real estate wealth building, and real estate investment as cornerstone of their financial foundation.
I work in all price points. The majority of my business is repeat clients and the referral of clients from all over Eastern Massachusetts.
I view my role as the advisor who helps people go from the life they have to the life they dream about. I have sold everything from mobile homes to amazing estates. I have sold hundreds of homes in almost every town in Suffolk and Norfolk County. I also sell homes in Plymouth, Bristol and Middlesex Counties. When asked what my specialty is, I often joke and say “from section eights”.