Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.

New Listings were up 20.8 percent for single family homes and 46.6 percent for Condo/TIC/Coop properties. Pending Sales increased 38.5 percent for single family homes and 14.0 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 6.0 percent to $1,670,000 for single family homes and 3.7 percent to $1,268,200 for Condo/TIC/Coop properties. Months Supply of Inventory increased 40.0 percent for single family units and 109.7 percent for Condo/TIC/Coop units.

While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.