Yes, we’re still below the inventory threshold necessary for filling the supply shortage gap; however, there’s been improvement in the real estate markets for the week ending July 17, according to the latest Weekly Housing Trends report from realtor.com®.
By the numbers:
– New listings are up 9%. More new sellers hit the market compared to a year ago in 14 of the last 17 weeks.
– Total active inventory continues to decline, but it’s only 33% lower YoY.
– Median listing prices are up 10.% YoY—the 49th consecutive week of double-digit price growth.
– July has seen a double-digit pace for home price growth despite a slowing trend since peaking in April at a 17.2% YoY pace.
– The median home listing price remains near its June record-high at $385,000.
– Days on market is 21 days faster than last year. The typical active listing hit a record fast pace of 37 days in June.
Inventory declines are beginning to slow, indicating that balance is on the way. Home prices, however, are still high. With new sellers entering the market, we could soon see some reprieve for buyers.
“Although more sellers entered the market last week, homebuyers may understandably feel frustrated with the continued shortage of affordable homes for sale,” said realtor.com® Chief Economist Danielle Hale. “The uptick in new listings offers a ray of hope for buyers trying to find a home and lock in still-low mortgage rates. With the public widely in agreement that now is a good time to sell, we may see even more new sellers in the coming weeks and the end of inventory declines before we finish out the year.”