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 canâ€™t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
Closed Sales decreased 19.4 percent for Residential homes and 19.6 percent for Condo homes. Pending Sales decreased 18.4 percent for Residential homes and 21.3 percent for Condo homes. Inventory decreased 27.8 percent for Residential homes and 38.7 percent for Condo homes.
The Median Sales Price increased 13.0 percent to $243,000 for Residential homes and 18.9 percent to $220,000 for Condo homes. Days on Market decreased 63.6 percent for Residential homes and 56.1 percent for Condo homes. Months Supply of Inventory decreased 36.0 percent for Residential homes and 50.0 percent for Condo homes.
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.
July Year-Over-Year Res & Condo (Combined) Quick Comparisons:
- Median Sale Price was up by 13.7% from $211,000 to $240,000.
- The average days on market (DOM) decreased by 61.8% from 55 to 21 days. This is now the lowest average DOM over the last 18 years.
- The average % of the last list price received is 102.3%.
- New Listings were down by 1.2% from 17,213 to 17,002.
- Average Showings per Home increased from 11.3 to 11.5.
- Pending Sales were down by 18.7% from 14,744 to 11,982.
- Closed Sales were down by 19.4% from 14,800 to 11,929.