For-sale homes sat on the market for an average of just 23 days before buyers scooped them up. This is the fastest rate from listing to sale ever, according to REMax.
Average Time on the Market Drops to Record Low in July
Homebuyers were ready to buy in July and they bought quickly. According to REMax’s National Housing Report, for-sale listings stayed on the market for an average of just 23 days. This average DOM of 23 days set an all-time record low.
July’s average time on the market fell to 23, down from 24 in June and down from 44 days one year ago.
Metros with Fewest & Most DOM in July
Among the 53 largest metro areas REMax analyzed in its latest national housing report, metros reporting the fewest days on the market included:
- Cincinnati at 9 days
- Nashville at 10 days
- Omaha at 11 days.
Metros reporting the most days on the market included:
- Miami at 76 days
- Des Moines at 75 days
- New York at 63 days
Market Changes in July
Despite an all-time record pace of sales, total sales volume in July dropped -8.4% monthly and -3.1% annually.
Some of the steepest declines in sales volume happened in the country’s hottest markets. For example,
- sales in Salt Lake City dropped -22.5% y/y in July
- sales in Dallas fell -20.8% y/y
- Sales declined in Boise by -20.3% y/y
REMax president Nick Bailey commented about falling sales in July: “Some buyers have stepped away in light of high prices, sellers’ expectations, multiple offers and intense competition, but new listings are still selling quickly. 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.”
The median sales price declined -1.2% to $331,000 in July from the record high of $336,000 set in June. Though the median sale price fell a bit in July, it still was +16.2% higher than the year ago median price of $285,000.
Every market analyzed by REMax experienced median home price growth on a year-to-year basis. The leaders in median home price growth included Boise at 35.7% y/y, Phoenix at +28.2% y/y and Augusta Maine at +24% y/y.
For the second consecutive month, inventory grew +4% m/m over the short-term in July but was -29.7% lower y/y. Not one of the 53 metros analyzed by REMax for its national housing report had inventory even approaching market equilibrium of a 6-month supply. Instead, July’s inventory came in at just 1.3 months nationwide.
Metros with the steepest inventory declines in July included:
- Indianapolis – -86.6% y/y
- Albuquerque – -70.6% y/y
- Hartford CT – -68%
Thanks to REMax and National Mortgage News.