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First cool-down noted in unruly real estate market this year – Port City Daily

SOUTHEASTERN N.C. –– Last month was the first time this year the market showed signs of cooling off, after an unruly pandemic-induced hot streak.

The tri-county market experienced decreasing figures in key categories that indicate both buying and selling activity. New listings dipped 5.5% in July compared to July 2020; pending sales fell 16%; closed sales slumped 20%, with 315 fewer closings.

RELATED: Residential real estate inventory hits record low in a frenzied sellers’ market

Despite the relaxed activity, sales prices are still climbing. Single-family homes are up nearly 14% from the year prior, at $364,366; townhouses and condos are up 16% year-over-year to $270,000.

The largest gain is in costlier properties over $450,000. These homes are up an enormous 74% since last year.

Inventory is in incredibly short supply. Levels are down 57% from last year but raised ever so slightly between June and July from 0.8 months to one month –– the first inch-up in supply since July 2014, according to Cape Fear Realtors.

“Although the average days on market is still well below what it was this time last year, the slight increase in homes for sale in July versus June is an encouraging sign for home buyers,” Tom Gale, 2021 CFR president, said in a press release. “As Summer comes to a close and schools start back, the housing market usually starts to slow down. This Fall may be the right time for home buyers that haven’t had luck finding their home so far in 2021.”

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