Low inventory in markets across the country have been driving up prices and creating bidding wars, making it extremely difficult for many potential buyers to successfully find and purchase homes.
But it looks like things are (finally!) starting to look up for buyers.
According to realtor.com’s Monthly Housing Report for July 2021, while inventory is still low, more homes are starting to hit the market. New home listings were up 6.5 percent nationally year-over-year—and up even more (11.1 percent) in large metro areas. The more homes that become available, the more options there are for buyers—and the more the market shifts in their favor.
“July housing trends show a market still working its way back toward some version of normal. The feverish pace of home sales is beginning to follow historical seasonal patterns, while new listings grew at an unusually high rate for the summer months, further helping the inventory crunch,” Danielle Hale, chief economist for realtor.com, said in a recent press release. “This is shifting the housing market balance in a more buyer-friendly direction.”
The Takeaway:
So, what does this mean for you? If you’ve been struggling in your home search, the new inventory hitting the market could make it easier to successfully find and purchase a home—so get out there and start looking!