Housing Stock Jumps, Signaling Possible Upcoming Price Relief

Housing stock jumped notably throughout the country over the past month, signaling a possible turning point in the red-hot housing market that has kept prices elevated for well over a year.

Realtor’s July 2021 housing data release “reveals signs of a positive change in the market for homebuyers,” the company said, with lower prices and higher stock offer potential signs of relief for buyers who have been frustrated by ever-rising prices.

“Median listing prices are continuing to cool,” Realtor said, while “newly listed homes grew by 6.5% on a year-over-year basis, and remained stable on a month-over-month basis.”

The total number of active listings is still significantly down year-over-year, but “new sellers are beginning to enter the market at close to normal levels.”

The company noted that while property values remain elevated, sellers “may have to consider pricing more competitively in the near future.”

New listings were slightly higher for large metros than for the national average, the report said. The newer listings, meanwhile, “tend to be smaller in size than last year, shifting the mix of inventory toward smaller homes compared to last year.”