Press release
Realtor.com® July Housing Report: New Listings Rise 6.5% Nationwide as More Smaller Homes Hit the Market
This increase in more affordable homes is good news for first-time buyers who have struggled to find inventory at their price point - New listings increases
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[{"type":"text","content":"This increase in more affordable homes is good news for first-time buyers who have struggled to find inventory at their price point\n - New listings increases are highest in Columbus, Ohio (+42.9%), Baltimore (+36.9%), Cleveland, Ohio (+35.8%) and Milwaukee, Wis. (+34.3%)\n - Inventory declines continued to improve year-over-year, down 33.5% overall in July\n - The U.S. median listing price was $385,000, a 10.3% increase year-over-year\n\n\nSANTA CLARA, Calif., Aug. 10, 2021 /PRNewswire/ -- July housing trends show some good news for first time buyers. New listings grew on a yearly basis for the fourth month in a row as sellers added a higher number of smaller homes to the market, according to the Realtor.com® Monthly Housing Report released today. Growth in the U.S. median listing price continued to moderate last month, but data shows some of this trend can be attributed to the increase in lower-priced homes for sale. \nNationally, the number of homes for sale declined 33.5% year-over-year in July. While inventory is still lower compared to last year, the rate of decline is improving, especially at more affordable price points. If this trend continues, there could be some relief on the horizon for first time buyers looking for smaller homes. \n\"July housing trends show a market still working its way back toward some version of normal. The feverish pace of home sales is beginning to follow historical seasonal patterns, while new listings grew at an unusually high rate for the summer months, further helping the inventory crunch,\" said Realtor.com® Chief Economist Danielle Hale. \"This is shifting the housing market balance in a more buyer-friendly direction, but buyers may not see as much price moderation as suggested by the national trend because it's partly attributed to a shift toward smaller homes for sale. Still, if these changing inventory dynamics continue, we could see a wave of real estate activity heading into the latter part of the year.\"\nSummer surge in new listings continues; inventory declines improve across the boardAlthough new listings growth is still below typical 2017-2019 levels (-9.5%), more new sellers entered the market in July (+6.5% year-over-year), which was higher than June's 5.5% increase year-over-year. Newly listed homes typically decline from June to July, but this year they held steady at -0.6%...