It’s a height-of-summer tradition: The U.S. housing market tends to peak in July or August. And while demand this year remains strong, a preliminary analysis of our site’s data for July shows that housing inventory—homes available for sale—is finally starting to catch up. Sort of.
“We are now entering the time of the year when both inventory and demand typically reach their peak,” said Jonathan Smoke, chief economist of realtor.com®. “The dog days of summer slow down the pace of activity, just as the school year creeps closer.
“This year we’re seeing inventory continue to grow in July, albeit at a slower pace than this spring,” he continued. “And while demand overall is strong, the trend in median days on market is suggesting that the market is finding more of a balance, which bodes well for more moderate price appreciation in the months ahead.”
The median number of days on market is a metric used to assess how quickly homes are selling. It is an indicator of housing supply, or inventory.
Based on data for the first three weeks of July, the median list price increased to $234,000, up 7% year over year and 1% over June. Median days on market increased to 69 days, down 7% year over year but up 5% month over month. Housing supply usually peaks in July or August as families rush to close before the school year begins.
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