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The housing market’s momentum may be threatened by recent housing policy changes from the White House, the future of stimulus and forbearance provisions, and the unknowns that come with the pandemic. The Radian Home Price Index increased by 6.8% on an annualized rate in July compared to June, according to National Mortgage News. Remax Holdings had its best month of home sales in the company’s history and homes were flying off the shelves in an average of 114 days. And due to the uncharacteristic events in the housing market, there may be even more activity in coming months, says Remax Holdings’ CEO, though upcoming factors may have an unpredicted affect.
The median home price nationwide was $258,206 in July, according to data from Radian's Red Bell Real Estate subsidiary.
On the supply side, the number of listings for sale was 15% below the average monthly count over the last five years, and nearly 27% below the peak monthly listing count over the same period, Radian reported. Properties were on the market for an average of 114 days, the shortest stay in over a decade.
Even though rates remained in the record-low range, the purchase share of transactions has been growing in recent months. Ellie Mae reported that purchases made up 46% of the mortgage loans closed its loan origination system processed in July, up from a low of 35% in April and May.
