While inventory disappeared quicker than a Popsicle in July, slightly fewer (0.8%) homes sold, as reported by the August RE/MAX National Housing Report. The report analyzes real estate data in 54 metro areas throughout the U.S.
It’s actually not unusual to observe a dip in sales in July.
“This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin,” said Adam Contos, RE/MAX Co-CEO.
This is what you should know about July’s transactions.
1. Sales prices rose with temperatures.
Up 7.4% from July 2016, the Median Sales Price for every 54 metro areas was $239,950. Which is the highest price for July in the nine-year history of the report. Prices in seven metro areas increased by double digit percentages, with the most impressive rates in Seattle, WA (+13.7%); Tampa, FL, (+13.5 %); Milwaukee, WI, (+11.6%) and Charlotte, NC (+11 %).
2. Homes sold at high-speed.
Homes continued to sell more quickly, with the average Days on Market for July just 45, down two days from June and eight days from July 2017. Where did homes move fastest? Omaha, NE; Seattle, WA; Denver, CO and San Francisco, CA had the lowest average Days on Market.
3. Inventory remains tight
Inventory dropped 14.1% from a year ago, with 46 metro areas seeing fewer, or the same number, of homes for sale. Inventory has reduced on a monthly basis since November 2008. The Months Supply of Inventory set a new July low in the report’s history, hovering around 3.1 months. A supply of six months is regarded as balanced. “Low inventory continues to constrain the market,” said Contos. “Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time.”
To get a deeper dive into what actually transpired in July, look at the August 2017 Housing Report 3 Points to Recognize infographic below:
August 2017 Housing Report 3 Points to Recognize
Download a copy for yourself:
Ready to find your new home? Need help in selling your current home? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away or call to 813-300-7116