RE/MAX: July Home Sales Take Seasonal Dip

(Graphic courtesy RE/MAX, Denver.)

RE/MAX, Denver, released it monthly National Housing Report, noting home sales took a seasonal dip in July. Of the 53 metro areas surveyed in July, the overall average number of home sales fell by 8.4% from June and by 3.1% from a year ago.

The report said home sales in Salt Lake City, Utah fell by 22.5%, in Dallas/Ft. Worth, by 20.8% and in Boise, Idaho by20.3%.

RE/MAX President Nick Bailey said market conditions seen in the first half of 2021, largely dominated by low housing supply and robust purchasing demand, continued into the beginning of the second half of the year. One positive potential trend – after years of constricted housing inventory, July inventory uncharacteristically climbed 4% from June, marking the first two consecutive months of month-over-month inventory gains since April and May 2019.

Bailey said the bump in inventory is welcome news for buyers who may have been sitting on the fence, but many analysts hope this gain is only the beginning in the steep climb back to a more balanced market.

“The market should continue to run hot, especially if interest rates remain low, prices stabilize a bit, and more sellers jump in to take advantage,” Bailey said.

The report said new listings continue to sell quickly. The July report saw an average of 23 days on market, a record low for the housing report dating back to 2009 as well as a new low for July.

The report also noted the median of all 53 metro sales prices fell to $331,000, down 1.2% compared from June but up 16.2% from a year ago. No metro areas saw a year-over-year decrease in median sales price, while 45 areas increased year-over-year by double-digit percentages.