Each month, the National Association of REALTORS® publishes their analysis on existing home sales for the preceding month. On August 25th, the Summary of July 2021 Existing Home Sales Statistics was made available to the public. Here are some key highlights from the report:
Existing Home Sales Are Up 2% From June 2021
The sale of existing homes, which does not include new construction, showed that 5,990,000 homes were sold across all regions of the United States in July 2021. This is up roughly 2% from the amount of homes that were sold in July. This is a good indicator that there is still a strong sense of consumer confidence within the housing market. Historically-low interest rates are also contributing to the strong housing sales we have seen over the past several months.
The Nationwide Median Price Is Now Around $359,900
Contrary to what many might believe, Median Price and not Average Price is one of the most critical metrics in our industry. The Median Price indicates how the market is shifting, because it shows the exact mid-point of the market. The Nationwide Median Price has been rising steadily for decades–driven mostly by subtle rises in inflation, competition among buyers, growing salaries, and a host of other economic factors. In NAR’s latest report, the organization shared that the Nationwide Median Price now stands at $359,900, a slight reduction from June 2021, but a sharp increase from the beginning of 2021.
The Southern United States Represented The Most Sales
It comes as no surprise that the Southern United States has seen the most home sales. For years, weather and tax incentives have been drawing people from all over the country to the South, especially states like Florida and Texas.
With historically-low interest rates, now is a good time to buy. If you are interested in taking advantage of today's real estate market, speak to one of our elite Associates at Berkshire Hathaway HomeServices EWM Realty. Our industry-leading professionals have the knowledge, experience and expertise to provide you with an exceptional real estate experience. Register below, and connect with us today.
If you are interested in reading the report referenced in this article, Summary of July 2021 Existing Home Sales Statistics, you can access it here.