Published by Realtor Magazine on July 31, 2020
The national median listing price in July was $349,000—a record high, Realtor.com® reports in its latest Monthly Housing Trends report.
While the pandemic continues, home prices are accelerating and, in some markets, began to edge into previously uncharted territory this month.
Further, homes are selling just as fast as they were last year. Buyers are in a rush for fewer homes for sale. Nationally, the housing inventory has declined to nearly one-third of what it was last summer, Realtor.com® reports.
National listing prices grew 8.5% in July year over year. Homes are selling six days faster than a year ago. Homes are selling the fastest compared to a year ago in markets like Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.; Boston-Cambridge-Newton, Mass.-N.H.; and Hartford-West Hartford-East Hartford, Conn., Realtor.com® reports.
When the COVID-19 outbreak first struck the U.S. in March, home prices tumbled. But, since April, home prices have reversed course and accelerated each month. July’s listing price increase of 8.5% marks the largest jump in median listing prices in one month since November 2018, Realtor.com® notes, equating to a $27,000 increase from a year ago.
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