Press release
Realtor.com® July Housing Report: Number of Homes for Sale Drops Below Year-Ago Levels
After four months of slowing inventory growth, active listings declined annually (-6.4%) in July for the first time in more than a year Home prices dipped
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[{"type":"text","content":"After four months of slowing inventory growth, active listings declined annually (-6.4%) in July for the first time in more than a year \nHome prices dipped (-0.9%) in July for the second month in a row, as a rising number of buyers searched for homes outside their metro area\nSANTA CLARA, Calif., Aug. 3, 2023 /PRNewswire/ -- The U.S. housing inventory crunch accelerated in July as active listings growth slowed for the fourth month in a row and fell below year ago levels (-6.4%) for the first time since April 2022, according to the July Monthly Housing Trends Report released today. While buyers had fewer for-sale options, with active inventory 49.2% below typical pre-pandemic July levels, the market tipped slightly in their favor as the median list price declined year over year (-0.9% to $440,000) for the second month in a row.\n\"While a second monthly year-over-year decline in list prices bodes well for potential buyers, the ongoing lack of homes available for sale continues to prop up home prices and will keep declines relatively modest for the remainder of the year,\" said Danielle Hale, Chief Economist for Realtor.com®. \"Interest rate hikes continue to further cut into buyers' purchasing power, although they appear to have adapted to the higher mortgage rate environment faster than sellers, many of whom are still on the sidelines, locked in to lower interest rates and unwilling to cash in their home's equity to purchase another. That's putting a damper on home sales, which will likely post their smallest annual tally this year in over a decade.\"\nJuly 2023 Housing Metrics – National\nMetric\nChange over July 2022\nChange over July 2019\nMedian listing price\n-0.9% (to $440,000)\n+37.7 %\nActive listings\n-6.4 %\n-47.8 %\nNew listings\n-20.8 %\n-27.1 %\nMedian days on market\n+11 days (to 45 days)\n-12 days\nShare of active listings with price reductions\n-3.6 percentage points \n(to 15.5%)\n-2.2 percentage points\nHome listing inventory crunch intensifies as fewer sellers enter the marketGrowth in the U.S. inventory of active listings slowed for four months in a row, and in July, declined compared to the previous year for the first time since early 2022. That means today's buyers have significantly fewer options to choose from compared to one year ago – on a typical day in July there were 45,000 fewer homes available to b...