While the market is still intense, it has cooled off a hair from last month. Total houses sold are down from 394 in June to 291 in July, a 26.1% decrease. July’s inventory is 1.3 months of available listings for sale, up 0.19% from June’s 1.16 months. July’s median sale price is down $1,800 from June’s, coming in at $320,000; and the median days on market has stayed almost the same, at 51 days.
Interpreting statistics can be confusing and there are a lot of factors that affect them, but here’s what these numbers mean for you: while the market has slowed down ever so slightly from June, it is still a strong seller’s market. Compared to a year ago, the median sale price is $45,988 higher, the median days on market is 18 days fewer, and there are just over 40% fewer active listings.
There is still great news for buyers, though. Inventory is up a bit from last month, sale prices are slightly less, and interest rates are again under 2.8%1,. A good mortgage lender can discuss your loan options and help you find the best way to finance your new home, in some cases with no money down.
As we head into fall, we still hold strongly to this advice: BUYERS, make sure you are pre-approved and ready to act quickly. SELLERS, NOW would be a great time to list your home to take advantage of this hot real estate market.
1 According to Freddie Mac’s 8/5/21 Primary Mortgage Market Survey, a 30 Year Fixed Rate Mortgage is 2.77%, with 0.6 Fees/Points (http://www.freddiemac.com/pmms/)