Here are the housing market reports for July home sales and some of the take-aways these charts illustrate.
- Single family homes are in high demand! Based on July’s median sales price, sales prices are up 7% over what they were last July. The driver behind this is the severe shortage of homes available on the market, which is down ~35% over where it was last year at this time. This low inventory is creating a real spike in demand for those buyers who are qualified and ready to go, resulting in multiple offers and competition with properties selling on average 2% over list price.
- Condos and townhomes are selling for about 3% more than they did last July, while taking a little longer to sell, with an average days on market of 35 vs 28 days a year before. The good news for buyers is that the inventory is down by only about 7% over where it was a year ago, so the competition is not as heated and competitive as it is for single family homes.