Home Sales Are On The Rise

The number of home sales are increasing

The number of home sales has recently been on the rise now for the second month in a row. A recent report released by the National Association of Realtors (NAR) has indicated that three out of the four major regions in the United States have had year over year gains with the fourth remaining steady. 

Number of Home Sales

The total number of home sales which includes condos, co-ops, single family homes and townhouses had shown a 2% increase this July from the month before. Additionally, sales also were up year-over-year by 1.5% from July of 2020.

Housing Inventory

The total number of available homes at July’s end was up 7.3% from the month before. Unsold inventory is at a 2.6 month supply at the current sales pace. 

"We see inventory beginning to tick up, which will lessen the intensity of multiple offers," said Lawrence Yun, NAR's chief economist. "Much of the home sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren't seeing as much growth because there are still too few starter homes available."

Home Prices

Home prices have also continued to climb with the median existing price for all housing types up 17.8% this July over last. Each region in the United States saw increases with this marking the 113th consecutive month for year-over-year gains. 

"Although we shouldn't expect to see home prices drop in the coming months, there is a chance that they will level off as inventory continues to gradually improve," said Yun.

Days on Market

The time that properties remained on the market held consistently from the month before at 17 days. However, this was down from the 22 days that we saw in July of 2020. The vast majority of homes sold during the month of July were on the market for less than one month.