We are starting to see just the barest edges of softening (think moving out of the blast furnace, into the mere lava). July 2021 Months-of-Inventory crawled up to 1.2 for all residential types. We remain 10.4% up YoY on closed units sales, up 27.3% in YoY total closed volume, and (as you might expect) up 15.4% and 14.6% YoY on closed Average Sales Price and Median Sales Price, respectively.
But (!) in addition to a MoI trending upwards we are seeing a slight lengthening of Days on Market. While this could be explained by deal friction (lending, title, appraisal delivery times, inspection delays, etc.), the anecdotes reaching my ears are consistently Buyer Retreat – folks are just stepping out of the hot market, with plans to return when things are more balanced. We shall see.
Our Mover’s Moving Index hit 236 for July. A healthy number which appears to be boosted by developers and builders doing their part (e.g. we are on pace for a record number for new home permits in 2021.)