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