July Inventory Data Shows Continuing Deceleration in the Rate of Inventory Decline but Continued Increases in Prices and Decreases in Time Spent on the Market
- The median age of inventory is 58 days, down 8 percent from last year and up 7 percent from last month.
- The median listing price for July is $299,000. It has not increased over June but is a 9 percent increase year-over-year from last July.
- Listing inventory in July decreased 4 percent year-over-year but increased 3 percent over June.
This July, the rate of decline in the nation’s inventory of active home listings has slowed considerably, according to new data from realtor.com®. Inventory is expected to decrease by 4 percent year over year but will continue to sell at a rapid pace, moving 8 percent more quickly than in July 2017. Listing prices are expected to increase by 9 percent year over year.
The median age of properties on realtor.com in July is expected to reach 59 days, 5 days less than last July but 5 days more than June. Homes are expected to continue to sell rapidly, despite continued increases in listing prices and slowdown in inventory decline.
The median listing price, is expected to remain at $299,000, unchanged from June. Listing prices are expected to increase 9 percent over last July and do not yet show signs of slowing down, as they have increased on average 9 percent year over year for the last 12 months.
This July, inventory is expected to grow 3 percent over June, showing a typical seasonal increase. However, inventory is expected to be down 4 percent over last July, this rate of decrease is slower than the 8 percent average decrease in the previous 12 months. If this trend persists, it’s likely that the coming months will see the first inventory gain in more than 3 years.
Approximately 527,000 new listings hit the market in July, 4 percent lower than the previous month but 3 percent higher than July of last year, providing some relief to tight inventory conditions.
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