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Home Prices Up 15% Across the Nation.
Dated: September 17 2021
Housing demand is easing while supply is slightly improving, narrowing the demandsupply gap. Preliminary data from (National Association of REALTORS - see complete details here) shows that contract signings (pending sales) fell 8% from one year ago while new listings during this same period fell 5.8%. However, supply is still much below demand.
The pending listings inventory (demand) as of September 12 was down 7%, but active listings inventory (supply) was down 21% from one year ago.
With demand slowing and supply slightly improving, the pace of price appreciation has moderated compared to past months.
The median sales price* of existing-homes sold rose at a slower pace of 15.3% from one year ago, a cooler pace from the peak of 20% during the four weeks ending June 13. The sale-to-list price ratio has also tapered down to 99.3% after rising over 100% in June and July.
94% of 101 metro areas had stronger market conditions compared to one year ago based on the NAR Metro Housing Market Index during the week ended September 12.
Six metros had indices of 100, including three Florida metros: Jacksonville, Florida; Ocala, Florida; Palm-Bay, Florida; Fayetteville, Arkansas; Greensboro, North Carolina; and Riverside-San Bernardino, California.
Nationally, the index registered at 71.4. An index over 50 means housing market conditions are still broadly stronger than one year ago. The index is calculated based on seven housing market indicators: sales, listings, new contracts, sale price, list price, average sale to list price, median days on market.
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