July Residential Home Sales Finish Strong
Median Sale Price at 5-Year High, More than One in Four New Listings in July Goes Pending in the Same Month
Real Estate Market Commentary for July 2019:
In July, the U.S. economic expansion that began in June 2009 became the longest in the nation's history, marking 121 straight months
of gross domestic product growth and surpassing the 120-month expansion from 1991 to 2001. The average rate of growth during this
expansion has been a milder 2.3 percent per year compared to 3.6 percent during the 1990s. Although the economy should continue to
perform well for the rest of 2019, most economists see a mild recession on the horizon.
Closed Sales increased 3.9 percent for Residential homes but decreased 1.9 percent for Condo homes. Pending Sales increased 3.8
percent for Residential homes but decreased 2.1 percent for Condo homes. Inventory decreased 13.3 percent for Residential homes
and 4.4 percent for Condo homes.
The Median Sales Price increased 1.6 percent to $190,000 for Residential homes and 1.8 percent to $171,000 for Condo homes. Days
on Market increased 3.1 percent for Residential homes and 25.0 percent for Condo homes. Months Supply of Inventory decreased 15.4
percent for Residential homes and 3.4 percent for Condo homes.
During the record-setting 121-month economic expansion, the unemployment rate has dropped from 10.0 percent in 2009 to 3.7
percent, yet many consumers continue to struggle financially. Low mortgage interest rates have helped offset low housing affordability,
but high home prices are outpacing median household income growth. In a move to stoke continued economic prosperity, the Federal
Reserve reduced the benchmark interest rate by a quarter point to about 2.25 percent, marking the first reduction in more than a
Single-Family Real Estate Quick Comparisons:
- Across the combined categories of Residential and Condominium, Days on Market increased by 2 days Y-O-Y from 31 to 33.
- July saw an average of 7.1 showings per listing across the entire MLS. This was down only slightly (by .2 days) Y-O-Y and M-O-M,
- which both measured 7.3.
- 2.5% of Residential and Condo On-Market listings are flagged as “lender mediated”. These listings include foreclosures and those
- marked as short sales. This percentage increased by .1% M-O-M but is down by .7% Y-O-Y based on the recalculated percentage for
- July 2018 which is 3.2%.
All-MLS Trends for Res & Condo
July New Listings
(Received During the Month)*
July Homes for Sale
(End of Month Inventory “Snapshot”)*
(New-to-Pending Same Month)*
July Pending Sales
(Not Yet Closed at Month End)*
July Closed Sales*
July Sales Activity by Price Range*
(% Compared to Last Year)
July Median Sale Price*
July Median Price per Square Foot*
* = Recalculated figures pulled from Realcomp’s MLS statistical database from 8/07/2019 to 8/9/2019