Home Sale Trends

Home sales have been on the rise

The number of home sales has recently been increasing for the second month in a row. A report issued by the National Association of Realtors (NAR) has indicated that three out of the four major quadrants in the United States have had year-over-year gains with the fourth remaining steady. 

Number of Home Sales

The total number of property sales which includes condos, co-ops, single family homes and townhouses had a 2% increase this July from the month prior. Also, home sales also were up year-over-year by 1.5% from July of 2020.

Housing Inventory Levels

The total number of available homes for sale at July’s end was up 7.3% from the month before. Unsold inventory is at a 2.6 month supply at the current sales pace. 

"We see inventory beginning to tick up, which will lessen the intensity of multiple offers," said Lawrence Yun, NAR's chief economist. "Much of the home sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren't seeing as much growth because there are still too few starter homes available."

Home Price Trends

Home prices have also continued to increase with the median existing price for all housing types up 17.8% this July over last year. Each major region in the United States saw increases with this marking the 113th consecutive month for year-over-year gains. 

"Although we shouldn't expect to see home prices drop in the coming months, there is a chance that they will level off as inventory continues to gradually improve," said Yun.

Time on Market

The number of days that properties were on the market held consistently from the month before at 17 days. However, this was down from the 22 days that we saw in July of 2020. The bulk of the homes sold during the month of July were on the market for less than one month.