Community Marketing & Real Estate
- June existing home sales have risen 1.4% from May to June and 22.9% from one year ago. This was lower than expected and follows May’s 1.2% decline.
- Existing home sales in the South were unchanged from May, posting an annual rate of 2.6m in June, up 19.4% from the same time one year ago.
- The median existing home sales price rose at a year-over-year pace of 23.4%, the second highest level recorded since January 1999.
- The median price in the South was $311,600, a 21.4% climb from one year ago.
- Bidding wars for homes nationally have dropped from 74% to 65% in the last two months – still a big number!
- Inventory of existing homes has been rising as reflected by June’s increase from May of 3.3% to 1.25 million, or a 2.6-month supply at the current sales pace but down 18.8% from one year ago.
- Days on the market for existing homes was 17 days.
- Sales in the top 50 master planned communities (most with substantial new construction availability) are up 12% for the first half of 2021 vs. 2020.
- Consumer sentiment reflects that only 28% of those surveyed say it’s a good time to buy a home, down from 47% in April and 32% in May.
- Mortgage rates for existing homes remain at historically low levels, but quickly rising prices and the absence of inventory are keeping many buyers out of the market, which is reflected by dropping mortgage demand. In other words, it’s still a seller’s market but things are cooling as household incomes can’t keep up with the accelerating home prices.
- Various analysts predict that this cooling will continue, and that price growth will slow to about 3% over the next year but that overall prices are not expected to decrease.
- The Company’s new inquires/requests for information are up 95% over July of 2020.
- We continue to see record requests and actual Discovery Visits.
- This leads to us having numerous buyers in a holding pattern just waiting to see the right home come on the market.
- Essentially, our low inventory reflected below is our only current barrier to even higher sales numbers.
- The Landings Company has put under contract properties with a combined value of $170.8m, or +41% year-to-date July.
This article was originally published by The Landings Association on their website. Visit landings.org to read the original article. https://landings.org/news/2021/08/31/community-marketing-real-estate