Press release
Realtor.com® July Housing Report: Inventory Rises at Record-Breaking Speed
While home shoppers had 30.7% more actively-listed options than last year in July, the affordability crunch continues to drive demand from out-of-state buyers
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[{"type":"text","content":"While home shoppers had 30.7% more actively-listed options than last year in July, the affordability crunch continues to drive demand from out-of-state buyers\nSANTA CLARA, Calif., Aug. 9, 2022 /PRNewswire/ -- The inventory recovery accelerated in July, as active listings increased at record-fast1 annual pace (+30.7%) for the third month in a row, according to the Realtor.com® Monthly Housing Trends Report released today. Although buyers had more for-sale home options in July, competition remained largely in sellers' favor, with listing prices near all-time highs and homes selling more quickly than pre-COVID.\n\"The U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy. Our July data shows elevated mortgage rates left many buyers tightening their budgets and sellers responding with price reductions, while home shoppers who kept searching saw more available options,\" said Danielle Hale, Chief Economist for Realtor.com®. \"At the same time, new listings declined in July, suggesting that some prospective sellers are wondering what recent market shifts mean for their plans to list. But data indicates that homeowners grappling with this decision are still in a good position in many markets, with buyer interest keeping well-priced homes selling quickly. Plus, many sellers have a substantial equity cushion to leverage, thanks to the past decade of rising prices. Whether or not they take advantage of these opportunities will be key to inventory trends moving forward.\"\n \nJuly 2022 Housing Metrics – National\n \nMetric\nChange over July 2021\nChange over July 2019 \nMedian listing price\n16.6% (to $449,000)\n39.5 %\nActive listings\n30.7 %\n-44.4 %\nNew listings\n-2.8 %\n-3.4 %\nMedian days on market\n-2 days (to 35 days)\n-25 days\n \nInventory recovery accelerates despite new seller setbacks Between supply and demand trends, July data indicates that softening buyer interest is the bigger driver of accelerated inventory improvements. With typical monthly mortgage payments now 1.5 times higher than in July 2021, recent home sales data shows that many buyers are putting their plans on pause, which is giving active listings room to grow. However, the shift in market conditions seems to be having the opposite effect on seller activity, with new listings declining for the first tim...