The number of home sales has been increasing now for the second month in a row. A recent report by the National Association of Realtors (NAR) has indicated that three out of the four major regions in the United States have had year-over-year gains with the fourth remaining steady.
Total Number of Home Sales
The total number of home sales which would include condos, co-ops, single-family homes, and townhouses had shown a 2% increase this July from the month before. Additionally, sales also were up year-over-year by 1.5% from July of 2020.
Housing Inventory
The total number of homes available for sale at the end of July 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 Prices
Home prices have also continued to rise with the median existing price for all housing types up 17.8% this July over last year. Each 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.
Number of Days on Market
The number of days that properties remained active 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 2020. The large majority of homes that sold during the month of July were on the market for less than one month.
