Pending home sales show signs of seasonal slowing
Homeowners accepted 1,074 offers for single-family and condo sales in July. It was the third month new pending sales have been flat. Both the long and short-term trends are beginning to soften as the market transitions to the late summer – early fall season.
Pending sales are a leading indicator of housing activity based on signed contracts for existing single-family homes, condominiums, and townhome sales in the region monitored by the Northeast Tennessee Association of Realtors (NETAR) Home Sales Report. Since resales go under contract 30 to 60 days before the sale closes, pending sales typically lead existing-home sales by about two months.
”July’s new accepted offers come at the same time the market is seeing a small increase in inventory and what appears to be a return to normal seasonal slowing,” NETAR President Kristi Bailey said.” The overall inventory picture is still tight. Still, increased listings signal buyers that there are more choices as the market transitions to a slightly less hectic pace, she added.
There were 1,276 active listings at the end of July. That’s 84 more than June. June’s active listings were 144 more than May.
The typical home that closed in July was on the market for 48 days – unchanged from June. Like new pending sales, the median days on market have been flat for three months.
Balanced market conditions are five to six months of inventory. It increased to 1.6 months in July, up from 1.5 months in June.
The average listing price last month was $328,200. The average sales price was $240,313, up 15 percent from last year.
As measured by the median sales price, the market’s middle point presents a more conservative market picture than averages skewed higher by the number of expensive home sales.
July’s median listing price was $219,900. The median sales price was $205,000, up 15.1 percent from last year.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us