Existing-home sales jump 2% in July as inventory of properties for sale grows

[mahatmakanejeeves]

Last edited Mon Aug 23, 2021, 12:13 PM - Edit history (3)

Source: MarketWatch

Existing-home sales jump 2% in July as inventory of properties for sale grows

Published: Aug. 23, 2021 at 10:05 a.m. ET

By Jacob Passy

Existing-home sales rose 2% in July from the month prior, the National Association of Realtors reported Monday.(1) Sales occurred at a seasonally-adjusted annual rate of 5.99 million. Compared to July 2020, sales were up 1.5%. The total inventory of homes for sales rose 7.3% on a monthly basis, though it's still down significantly from a year ago.

{that's all for now}

(1) https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales

Read more: https://www.marketwatch.com/story/existing-home-sales-jump-2-in-july-as-inventory-of-properties-for-sale-grows-2021-08-23

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Sales of previously owned homes rose in July for the second straight month as high prices prompted more homeowners to put their houses on the market

Link to tweet

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[Roisin Ni Fiachra]

1. Rich people moving to the country to avoid Covid in places with

higher populations?

[jaxexpat]

2. Hint. When the "rental class" can't afford to pay their rent,.........

rental property is a risky investment.

But they're cheap. How could ya' say no?

[nitpicker]

3. If you price it right, it will move

BUT if the realtor gets delusions of sugarplums on the pricing, it will sit.

[Wingus Dingus]

5. I'm seeing lots of "down arrows" on mediocre homes in my area

where it's clear the owner or realtor initially had dollar signs in their eyes and got greedy. No one wants to pay top dollar for your builder grade kitchen and mildewed grout, fools.

[WHITT]

4. It's Difficult To Know What This Means

as the normal metric is to compare a month of sales to the same month from the year before, but for obvious reasons that's meaningless.

This has been the standard metric for decades because sales rose as temperatures rose, like going up a flight of stairs, so it was standard and expected for sales to rise from the previous month. Of course, then sales declined as temperatures fell for the rest of the year.

[Ford_Prefect]

6. In our neck of the woods we've seen it turn around with prices falling a bit.

There is still a good market for nicer homes with bigger mortgages. Ordinary homes aren't showing up on the market as local people still need to live in them.

A piece of the market is people retiring and downsizing. With less to chose from in new or recent builds they are staying put. Deaths are the other source of local marketable homes but you can only sell once the estate is cleared so it's not as fluid a market, although COVID may yet change this.

I think this report is more Real Estate BS. You know the kind that says out of a clear blue sky that rates are up, or sales are great everywhere, when it is only true in gated communities, or Boca Raton, or some other particular they've left out of the data.

I think that if people are moving here to escape COVID, or Democratic Government, or Wild Fires (big mistake) and Hurricanes, or more to the point cost of living and taxes, there must be a lot of homes for sale where they left. I'm not convinced that makes our houses worth more.

I think at least 1/2 the price rise has been speculation by realtors & bankers and the fictions they spin.

[Johnny2X2X]

7. The market is cooling off

I don't know if prices will drop, but I think the insane bidding wars will go away.

[Wingus Dingus]

8. They'll drop just in time for me to sell my house in the next year or so.