The housing market across the nation remains strong and continues to be a seller’s market. Despite the ever-rising prices and difficulties for buyers, there doesn’t seem to be any signs of selling slowing down anytime soon. According to a new report, pending sales are on track to set new highs.

The report, released by real estate brokerage Redfin, looked at the weeks of July 8 and July 15 and found that pending sales, which refer to homes that have accepted an offer that is pending the completion of the closing process, are currently running 23% higher compared to the same week last year. At the same time, inventory has dropped 40% lower compared to 2019 numbers. As a result of this low inventory, the current market is a strong seller’s market.

Low inventory makes it almost impossible for buyers searching for homes to purchase as there is too much competition for too few homes and prices continue to rise. Redfin found that the median home sale price in the week of July 8 and 15 was $315,500, an increase of 11 percent from the same week a year ago. In addition, about 66 percent of all homes in that two-week period sold above list price.

The housing market’s strength has been impressive despite the pandemic and the instability from the economic fallout. The latest report from Redfin indicates that the housing market is continuing to bring in buyers, with pending sales continuing to set new highs, while inventory is still quite low. Prices are continuing to increase, making it more difficult for potential buyers to find an affordable home.

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