July 2021 Housing Report
Inventory increased to 1.3 months, which is an improvement from the 0.9 months earlier this year, but significantly lower than the 2.0 months of July 2020. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
The average number of days on market stayed at 19 for July, which indicates that there is still a significant backlog of buyers without enough houses to meet the demand. With mortgage rates staying low, buyers will likely continue to outnumber supply.
“It’s interesting to note that despite seeing less of an imbalance in inventory, we are still seeing days on market stay very, very low,” said Elizabeth McCoy, 2021 President of the Greater Fort Worth Association of REALTORS®. “Though we may see a few more homes coming on the market than previous months, anything that does come on is being sold very quickly.”
“Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat,” said Lawrence Yun, National Association of Realtors® Chief Economist, who expects mortgage rates to start to inch up toward the end of the year. “This rise will soften demand and cool price appreciation.”
That’s good news for those still trying to find a new home.
July 2021 Statistics At-A-Glance…