Housing Supply Overview
After months of declines, the inventory of homes for sale nationwide is beginning to increase as more sellers come to the market, looking to capitalize on record-high sales prices while providing a much-need boost of supply to America’s epic housing shortage. This is encouraging news for home buyers, who have struggled with a lack of supply and rocketing sales prices during the pandemic. For the 12-month period spanning August 2020 through July 2021, Pending Sales in the Western Upstate region were up 4.6 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 38.7 percent.
The overall Median Sales Price was up 18.8 percent to $228,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 18.7 percent to $235,000. The price range that tended to sell the quickest was the $100,000 and Below range at 56 days; the price range that tended to sell the slowest was the $300,001 and Above range at 75 days.
Market-wide, inventory levels were down 7.5 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 5.2 percent. That amounts to 2.1 months supply for Single-Family homes and 2.2 months supply for Condos.
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 can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction. New Listings were up 5.1 percent to 728. Pending Sales decreased 42.3 percent to 378. Inventory shrank 7.5 percent to 1,129 units.
Prices moved higher as Median Sales Price was up 14.0 percent to $245,000. Days on Market decreased 50.0 percent to 41 days. Months Supply of Inventory was down 12.5 percent to 2.1 months, indicating that demand increased relative to supply.
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.
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