Breaking Down the Hot Housing Market This Summer
By Shannon Steinberg
Jul 30, 2021
If you’re thinking of moving and putting your home up for sale this summer, be sure to get ready to move right away, too. In today’s housing marketing climate, realtors recommend calling the movers as soon as you start escrow. With some houses on the market in a record low of just a few days (pre-pandemic was 25-72 days), the home buying and selling process is a much quicker transaction than ever before.
Here’s a breakdown of the latest housing market trends, according to data from the U.S. Census Bureau, U.S. Department of Housing and Urban Development (HUD), and realtor.com’s Trend Report:
Median sale price of new homes sold is $374,400
Average sale price of all homes (new and existing) is $430,600
There is a supply of 5.1 months at the current sales rate
The national inventory of active listings declined by 43.1% YoY
Typical home spent 37 days on the market
Growth in new listings is expected later into the summer season this year so the busy moving season could expand as well. Remember, movers are booked an average of 4-6 weeks in advance because the housing market is so hot. Get a quote today!