Market Report - July 2021
The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
New Listings were down 16.9 percent to 611. Pending Sales decreased 35.8 percent to 513. Inventory shrank 59.2 percent to 704 units.
Prices moved higher as Median Sales Price was up 24.4 percent to $447,983. Days on Market decreased 37.3 percent to 89 days. Months Supply of Inventory was down 71.4 percent to 1.0 months, indicating that demand increased relative to supply.
The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.