SANTA CLARA, Calif.,
Aug. 10, 2021 /PRNewswire/
-- July housing trends show some good news for first time
buyers. New listings grew on a yearly basis for the fourth month in
a row as sellers added a higher number of smaller homes to the
market, according to the Realtor.com® Monthly Housing
Report released today. Growth in the U.S. median listing price
continued to moderate last month, but data shows some of this trend
can be attributed to the increase in lower-priced homes for
sale.
Nationally, the number of homes for sale declined 33.5%
year-over-year in July. While inventory is still lower compared to
last year, the rate of decline is improving, especially at more
affordable price points. If this trend continues, there could be
some relief on the horizon for first time buyers looking for
smaller homes.
"July housing trends show a market still working its way back
toward some version of normal. The feverish pace of home sales is
beginning to follow historical seasonal patterns, while new
listings grew at an unusually high rate for the summer months,
further helping the inventory crunch," said Realtor.com®
Chief Economist Danielle Hale. "This
is shifting the housing market balance in a more buyer-friendly
direction, but buyers may not see as much price moderation as
suggested by the national trend because it's partly attributed to a
shift toward smaller homes for sale. Still, if these changing
inventory dynamics continue, we could see a wave of real estate
activity heading into the latter part of the year."
Summer surge in new listings continues; inventory declines
improve across the board
Although new listings growth is
still below typical 2017-2019 levels (-9.5%), more new sellers
entered the market in July (+6.5% year-over-year), which was
higher than June's 5.5% increase year-over-year. Newly listed homes
typically decline from June to July, but this year they held steady
at -0.6% over June.
These newly listed homes tend to be smaller in size than last
year, which has shifted the mix of available inventory. Looking at
the single family home category alone, the share of homes having
between 750 and 1,750 square feet increased from 30.2% in
July 2020 to 36.3% in July 2021, while the inventory of homes having
between 3,000 and 6,000 square feet decreased from 24.2% to
20.1%.
Locally, new listings grew 11.1% year-over-year in the nation's
50 largest metros, with more than half posting double-digit gains,
led by a mix of cities across the country: Columbus, Ohio (+42.9%), Baltimore (+36.9%), Cleveland, Ohio (+35.8%), Milwaukee, Wis. (+34.3%) and Richmond, Va. (+30.1%). The biggest regional
new listings increases were in the Midwest, up 19.8%, and West, up
11.3%.
U.S. home price gains moderate due to more affordable homes
being listed
In July, the U.S. median list price held
steady at last month's record-high of $385,000, up 10.3% year-over-year. However,
prices are slightly moderating from the June growth rate of +12.7%
as more affordable homes were being listed this July compared
to last year. Looking at trends for a benchmark, 2,000 square-foot
single-family home, we see that price growth in July continued at a
brisk pace, with prices up 18.6% year-over-year.
The largest U.S. metros saw the third straight month of
single-digit listing price growth in July, at an increase of 3.9%
over last year. Additionally, 22 of the 50 biggest markets saw
lower median listing prices in July compared to last year, but this
can be attributed to an increase in smaller, more affordable
inventory. Regionally, the West posted the biggest yearly price
gain (+9.7%), with the highest big metro increases seen in
Austin (+36.6%), Las Vegas (+20.6%) and Riverside (+20.0%).
Feverish pace of home sales begins to see more typical summer
seasonality
The typical U.S. home spent 38 days on the
market in July, 22 days faster than last year and 23 days faster
than the 2017-2019 July average, a more normal pre-Covid housing
market. In a sign of a return to typical seasonality, however, this
was one day slower than the record 37 day time on market in June.
Four metros tied for the fastest time on market in July, at a
median 17 days: Columbus,
Denver, Nashville and Rochester, N.Y.
Homes sold even faster compared to last year in many of the 50
largest U.S. metros, which saw time on market decline by an average
17 days year-over-year in July, with the steepest regional drop in
the South (-22 days). Additionally, the three metros where homes
sold fastest in July compared to last year were all in the South:
Miami, at a wide margin of 61 days faster, along with Raleigh (-33 days) and Jacksonville (-30 days).
July 2021 Housing Overview by
Top 50 Largest Metros
Metro
|
Median
Listing
Price
|
Median
Listing
Price YoY
|
Active
Listing
Count YoY
|
New
Listing
Count YoY
|
Median
Days on
Market
|
Median
Days on
Market YoY
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$400,000
|
14.2%
|
-41.3%
|
9.4%
|
31
|
-19.5
|
Austin-Round Rock,
Texas
|
$536,000
|
36.6%
|
-44.0%
|
12.7%
|
20
|
-24.5
|
Baltimore-Columbia-Towson, Md.
|
$349,000
|
-1.7%
|
-18.5%
|
36.9%
|
34
|
-9
|
Birmingham-Hoover,
Ala.
|
$270,000
|
-1.8%
|
-34.0%
|
12.4%
|
35
|
-21.5
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$679,000
|
0.6%
|
-22.6%
|
-10.7%
|
30
|
-7
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$240,000
|
-1.0%
|
-14.8%
|
3.4%
|
30
|
-9.5
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$389,000
|
5.3%
|
-37.0%
|
6.4%
|
28
|
-20.5
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$350,000
|
0.4%
|
-21.5%
|
1.1%
|
35
|
-7
|
Cincinnati,
Ohio-Ky.-Ind.
|
$330,000
|
-3.1%
|
-15.3%
|
16.0%
|
30
|
-17
|
Cleveland-Elyria,
Ohio
|
$215,000
|
-8.6%
|
-8.9%
|
35.8%
|
36
|
-15.5
|
Columbus,
Ohio
|
$305,000
|
-8.1%
|
-6.8%
|
42.9%
|
17
|
-20.5
|
Dallas-Fort
Worth-Arlington, Texas
|
$395,000
|
9.8%
|
-47.3%
|
6.7%
|
29
|
-18
|
Denver-Aurora-Lakewood, Colo.
|
$600,000
|
10.2%
|
-39.8%
|
1.6%
|
17
|
-19
|
Detroit-Warren-Dearborn, Mich.
|
$278,000
|
-0.9%
|
-27.1%
|
10.6%
|
23
|
-15
|
Hartford-West
Hartford-East Hartford, Conn.
|
$340,000
|
13.7%
|
-59.8%
|
-16.3%
|
29
|
-14
|
Houston-The
Woodlands-Sugar Land, Texas
|
$365,000
|
11.4%
|
-34.4%
|
7.4%
|
36
|
-16.5
|
Indianapolis-Carmel-Anderson, Ind.
|
$280,000
|
-7.5%
|
-31.6%
|
19.7%
|
35
|
-13.5
|
Jacksonville,
Fla.
|
$351,000
|
9.8%
|
-52.6%
|
12.5%
|
36
|
-30
|
Kansas City,
Mo.-Kan.
|
$330,000
|
-6.0%
|
-17.2%
|
13.0%
|
38
|
-14.5
|
Las
Vegas-Henderson-Paradise, Nev.
|
$410,000
|
20.6%
|
-39.0%
|
5.3%
|
25
|
-23.5
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$999,000
|
0.5%
|
-19.3%
|
5.2%
|
43
|
-11
|
Louisville/Jefferson
County, Ky.-Ind.
|
$270,000
|
-6.9%
|
-19.3%
|
29.2%
|
23
|
-20.5
|
Memphis,
Tenn.-Miss.-Ark.
|
$245,000
|
-5.8%
|
-27.4%
|
25.3%
|
36
|
-14.5
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$450,000
|
11.5%
|
-48.1%
|
-7.7%
|
59
|
-60.5
|
Milwaukee-Waukesha-West Allis, Wis.
|
$290,000
|
-20.0%
|
0.3%
|
34.3%
|
29
|
-18
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$365,000
|
-0.6%
|
-22.9%
|
0.2%
|
30
|
-9.5
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$449,000
|
15.1%
|
-61.0%
|
-26.5%
|
17
|
-14
|
New Orleans-Metairie,
La.
|
$341,000
|
8.3%
|
-21.7%
|
28.7%
|
45
|
-27
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$599,000
|
0.8%
|
-12.9%
|
-16.0%
|
59
|
-4
|
Oklahoma City,
Okla.
|
$285,000
|
0.4%
|
-40.9%
|
6.1%
|
37
|
-9
|
Orlando-Kissimmee-Sanford, Fla.
|
$363,000
|
13.5%
|
-51.2%
|
-3.1%
|
37
|
-26
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$325,000
|
-4.4%
|
-6.9%
|
20.5%
|
40
|
-6
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$475,000
|
15.4%
|
-24.4%
|
26.3%
|
29
|
-21
|
Pittsburgh,
Pa.
|
$247,000
|
-1.2%
|
-22.9%
|
6.8%
|
39
|
-16.5
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$564,000
|
12.8%
|
-26.6%
|
14.4%
|
32
|
-13
|
Providence-Warwick,
R.I.-Mass.
|
$430,000
|
-1.0%
|
-27.1%
|
10.1%
|
29
|
-21
|
Raleigh,
N.C.
|
$412,000
|
7.4%
|
-64.4%
|
-19.8%
|
18
|
-33
|
Richmond,
Va.
|
$348,000
|
-2.6%
|
-29.3%
|
30.1%
|
37
|
-15.5
|
Riverside-San
Bernardino-Ontario, Calif.
|
$540,000
|
20.0%
|
-13.6%
|
19.0%
|
27
|
-27
|
Rochester,
N.Y.
|
$240,000
|
-4.0%
|
-24.1%
|
12.0%
|
17
|
-12
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$597,000
|
13.7%
|
-18.5%
|
19.4%
|
28
|
-13
|
San Antonio-New
Braunfels, Texas
|
$338,000
|
7.1%
|
-44.9%
|
14.1%
|
35
|
-23
|
San Diego-Carlsbad,
Calif.
|
$830,000
|
4.7%
|
-0.1%
|
7.5%
|
37
|
-2
|
San
Francisco-Oakland-Hayward, Calif.
|
$1,000,000
|
-4.8%
|
-20.6%
|
5.1%
|
29
|
-4.5
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,250,000
|
2.7%
|
-17.4%
|
23.4%
|
28
|
-6
|
Seattle-Tacoma-Bellevue, Wash.
|
$695,000
|
10.3%
|
-37.4%
|
-2.9%
|
30
|
-4.5
|
St. Louis,
Mo.-Ill.
|
$250,000
|
-0.7%
|
-20.2%
|
23.4%
|
40
|
-21
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$350,000
|
17.4%
|
-47.7%
|
3.5%
|
35
|
-24
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$315,000
|
-5.3%
|
-32.3%
|
7.9%
|
25
|
-19.5
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$515,000
|
-2.8%
|
10.8%
|
29.7%
|
30
|
-2
|
About Realtor.com®
Realtor.com®
makes buying, selling, renting and living in homes easier and more
rewarding for everyone. Realtor.com® pioneered the world
of digital real estate more than 20 years ago, and today through
its website and mobile apps is a trusted source for the
information, tools and professional expertise that help people move
confidently through every step of their home journey. Using
proprietary data science and machine learning technology,
Realtor.com® pairs buyers and sellers with local agents
in their market, helping take the guesswork out of buying and
selling a home. For professionals, Realtor.com® is a
trusted provider of consumer connections and branding solutions
that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq: NWS,
NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual
license from the National Association of REALTORS®. For more
information, visit Realtor.com®.
Media Contact
rachel.conner@move.com
View original
content:https://www.prnewswire.com/news-releases/realtorcom-july-housing-report-new-listings-rise-6-5-nationwide-as-more-smaller-homes-hit-the-market-301351776.html
SOURCE Realtor.com