Market Report - September 2021

Dated: October 28 2021

Views: 35

Market Report - September 2021

Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.

New Listings were down 12.6 percent to 597. Pending Sales decreased 27.0 percent to 562. Inventory shrank 48.7 percent to 714 units.

Prices moved higher as Median Sales Price was up 1.3 percent to $394,000. Days on Market decreased 40.8 percent to 90 days. Months Supply of Inventory was down 56.0 percent to 1.1 months, indicating that demand increased relative to supply.

There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.

Blog author image

Ryan Bohr

When the opportunity arose for Ryan Bohr to join a dynamic team of Realtors in Hilton Head Island, he went "All-In" moving his wife and two young children from Raleigh, NC. He was most recently invo....

Latest Blog Posts

Market Report - October 2021

Market Report - October 2021The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly,

Read More

Market Report - September 2021

Market Report - September 2021Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS;

Read More

Market Report - August 2021

Market Report - August 2021The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales

Read More

Market Report - July 2021

Market Report - July 2021The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment

Read More