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PWR Reports: Market Update for September 2021

Friday, October 15, 2021   /   by Crescent Louise

PWR Reports: Market Update for September 2021

Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS® (NAR). The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year.

Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.

New listings decreased 29.2% for single family homes and 32.4% for townhouse/condo homes. Pending sales decreased 42% for single family homes and 49.8% for townhouse/condo homes. Inventory decreased 30% for single family homes and 35.4% for townhouse/condo homes.

Median sales price increased 14.5% to $933,000 for single family homes and 10.6% to $575,000 for townhouse/condo homes. Days on market decreased 33.3% for single family homes and 41.9% for townhouse/condo homes. Months supply of inventory decreased 40.9% for single family homes and 48% for townhouse/condo homes.

There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.


[This report was provided by the Pacific Association of REALTORS® (PWR)]

  market update, real estate market

Proper Real Estate
Jenny Pok - Broker
2135 N Bellflower blvd.
Long Beach, CA 90815
DRE# 02156564

Based on information from California Regional Multiple Listing Service, Inc. as of March 29, 2023. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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