July 2021
The White House recently announced additional measures to help struggling
homeowners avoid foreclosure as they exit forbearance, including loan
modifications and payment reductions. Borrowers with federally backed mortgages
can lock in lower interest rates and extend the length of their mortgages. For
borrowers who can’t resume their monthly mortgage, HUD will offer lenders the
ability to provide all eligible borrowers with a 25% principal and interest reduction.
New Listings were up 21.5 percent to 1,950. Pending Sales increased 11.5 percent
to 1,677. Inventory shrank 31.1 percent to 1,365 units.
Prices moved higher as Median Sales Price was up 10.6 percent to $228,625. Days
on Market decreased 63.0 percent to 17 days. Months Supply of Inventory was
down 41.2 percent to 1.0 months, indicating that demand increased relative to
supply.
The National Association of REALTORS® reported inventory of homes for sale
nationwide rose slightly in June as more sellers list their homes, hoping to take
advantage of record-high sales prices across the country. Even with renewed home
seller interest, inventory overall remains 18.8% lower than a year ago, according to
NAR.
Information courtesy of CMLS*
