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Housing Markets Strong in July

 

In accordance to realtor.com's "Advanced Read of July Trends," the U.S. housing market remains strong for that of July. Based off of data for the first three weeks of the month, the Read shows that the national median price of a home has increased to $243,000, up 7% in the last year-over-year, and a 1% increase from June. Median days on the market increased to 69 days, however, up 5% for the month-over-month (although this is down 7% in the past year). 

John Smoke from realtor.com states that it's typical to see a decline in the U.S. market towards the end of the summer. Although demand still remains strong, the median days on the market increase shows that the market is balancing out. With individuals typically winding down at the end of the summer, the slight market decline is common. This being said, though, existing home sales are up 3.2% in the last month, however, new home sales are down 6.8% in the last month-over-month. With 6 of the 10 top housing markets remaining in California, it will interesting to track if the rest of the country can keep up with this pace, or if the market will remain its steady plateau for the last month of the summer.