Market Insights by DMAR:
• The median rental price hit a new high of $1,575 in June, up 8.1 percent compared to last year, according to a recent report from realtor.com. Forty-four of the 50 largest housing markets posted new highs, squeezing renters even tighter.
• Home appreciation will continue to challenge first-time home buyers as builders limit sales, interest rate lock deters exiting home sellers, and low interest rates and government stimulus inspire demand.
• Hiring was 3.2 percent higher in May 2021 compared to April 2021 and was 71.6 percent higher in May 2021 compared to May 2020.
• Two percent of builders nationally were offering incentives in May. That number jumped to seven percent in June as buyers show a little more discrimination.
• Average active listings for July is 16,302 (1985-2020).
• The historical average increase in active listings from June to July is 3.15 percent. This July posted the highest increase of 29.92 percent. Big percentage changes can happen when the numbers are low to begin with.