Boulder Real Estate News & National Statistics – July 9, 2021

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Locally last week we saw a huge boost in under – contracts, while nationally we’re seeing a decline in under-contracts.

Last week reflected the biggest deficit of inventory that we’ve seen this year. Good time to come to market.

National key housing market takeaways for 400+ U.S. metro areas (data based on homes listed and/or sold in the four week period prior to June 27th):

*Asking prices of newly listed homes were up 14% from the same time a year ago to a median of $366,202, also a record high.

*New listings had been below 2019 levels since late March, but reached parity with 2019 during the most recent period.

*Active listings (the number of homes listed for sale at any point during the period) fell 33% from 2020—the smallest decline since the four-week period ending February 14—but have climbed 7% since their 2021 low during the four week period ending March 7.

*55% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 45% rate during the same period a year ago, but down 2 percentage points from the high point of the year, set during the four-week period ending March 28.

*41% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier, but down 2.6 percentage points from the high point of the year, set during the four-week period ending March 28.

*Homes that sold were on the market for a median of 15 days, a new all-time low and down from 39 days a year earlier. A record 55% of homes sold above list price, up from 26% a year earlier.

*The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 102.4%.

*In other words, the average home sold for 2.4% above its asking price. This measure is an all-time high and 3.8 percentage points higher than a year earlier.

*The share of homes for sale with price drops rose to 3.8%, surpassing 2020 levels for the first time this year.

*A few large markets–New York, Washington, D.C., and Chicago drove this trend, posting the most sizeable increases in their price-drop rates.

LEADING INDICATORS

*Mortgage purchase applications decreased 5% week over week (seasonally adjusted) during the week ending June 25. For the week ending July 1 30-year mortgage rates fell back below 3% to 2.98%.

*From January 1 to June 27, home tours went up 26%, compared to a 47% increase over the same period last year according to home tour technology company ShowingTime.

Manhattan real estate prices reach record as buying ‘frenzy’ takes hold