“Much of the home sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter homes available,” one economist said.
The numbers: Existing-home sales edged higher as the inventory of homes for sale grew, giving buyers some more breathing room in a tough market.
What happened: Existing sales rose in three of the four regions nationally, with the Northeast being the lone region not to see a monthly increase. Still, sales remained even with June’s figures in the Northeast. The Midwest saw the largest gain from June, with a 3.8% uptick, followed by the West and the South .
“ In July, unsold inventory equated to a 2.6-month supply of homes. A six-month supply of homes is considered to be a balanced market. ” More homes on the market mean fewer bidding wars and less price pressure. “Already, the easing of the inventory squeeze has reduced the month-to-month pace of price gains,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a research note.
So long as the world continues to return to normal as vaccinations roll out, home sales should continue now at a pre-pandemic pace, many economists suggest, which would reduce the upward pressure on prices.
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