Realtor.com® July Housing Report: Inventory Hits Post-Pandemic High

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[{"type":"text","content":"Seattle (37.3%), San Jose (30.8%) and Columbus (17.4%) See Highest Gains in New Listings this July \nSANTA CLARA, Calif., Aug. 1, 2024 /PRNewswire/ -- According to the Realtor.com® July housing data, the market is becoming more buyer friendly through a combination of rising inventory levels and price cut reductions. Homes actively for sale grew 36.6% in July 2024 relative to the same time last year, hitting a post-pandemic high, while the share of listings with price cuts reached 18.9%, the highest rate since October.\n\n\"The inventory scars of the pandemic-era housing market are continuing to fade,\" said Danielle Hale, Chief Economist of Realtor.com® \"Although active listings are still short of the pre-pandemic mark, we saw the gap continue to narrow meaningfully as active listings hit a post-pandemic high. As sellers continue to list homes and buyers become choosier, the time a home spends on the market is extending, thereby helping the housing market move in a more buyer-friendly direction. In response, sellers are curbing expectations and reducing listing prices more often which could set the stage for more sales this fall, especially if mortgage rates continue to decline.\"\nJuly 2024 Housing Metrics – National\nMetric\nChange over Jul 2023\nChange over Jul 2019\nMedian List Price Per Sq.Ft.\n+3.1 %\n+52.3\nMedian listing price\n+0.0% (to $439,950)\n+37.7 %\nActive listings\n+36.6 %\n-28.6 %\nNew listings\n+3.6 %\n-24.5 %\nMedian days on market\n+5 days (to 50 days)\n -8 days\nShare of active listings with price reductions\n+3.4 percentage points \n(to 18.9%)\n+1.3 percentage points\nInventory Hits Post-Pandemic HighJuly brings a growth in inventory across the country as all four regions saw active inventory grow year-over-year. Nationwide the total number of homes for sale increased by 22.6%, growing for the ninth straight month and surpassing last month's rate of 22.4%. While inventory still sits below pre-pandemic levels, the gap between the 2017-2019 and present day levels is getting smaller. In particular, the South and the West experienced the most gains, with a growth in listings of 47.6% and 35.4%, respectively. The two regions are also closing the pre-pandemic and present day gap in inventory the most, with the South's inventory hovering 14% below pre-pandemic levels, while the West's inventory sits at 19.4% bel...

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