Strong buyer demand in the face of a constrained supply of homes for sale continues to be the story again this month.
New construction activity, in the form of housing starts as reported by the Department of Commerce, has picked up in recent weeks but remains well below levels required to substantially increase the number of homes for sale. Continued low interest rates are expected to maintain healthy buyer activity, while reluctant sellers and the changing season are likely to drag the inventory of homes for sale lower into the late summer and early fall market. For the 12-month period spanning August 2019 through July 2020, Pending Sales in the CMLS region were up 5.4 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 20.3 percent.
The overall Median Sales Price was up 6.8 percent to $189,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 6.9 percent to $194,500. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 38 days; the price range that tended to sell the slowest was the $300,001 and Above range at 73 days. Market-wide, inventory levels were down 31.4 percent.
The property type that lost the least inventory was the Condos segment, where it decreased 5.3 percent. That amounts to 1.6 months supply for Single-Family homes and 2.3 months supply for Condos.