Market Watch - 16 July 2021

Since last week, the residential housing market rebounded while leases slid. All categories increased in the preowned residential market. With more New Listings than any other category, the market may finally be correcting.

The Lease market lost ground again on New Listings while even more houses were removed from the market as Leased or Pending.

The weekly volume of price decreases may indicate a flattening of the unprecedented market. If properties are priced right, they sell – most often above list price in 2021. As the market prices increase, so do listing prices. Consequently, there’s a little seller optimism baked into the listing price.

If houses aren’t priced right, they don’t sell and get adjusted to a lower price over time. After a low of 184 adjustments on 19 Feb. 2021, the volume of price decreases leveled out around 500-600 per week. Since 18 June 2021, the volume of price decreases has been more than 1,000 weekly – more than twice the volume of recent months.

The foreclosure and eviction moratoriums were set to expire on June 30 before it got extended to July 31. The Supreme Court effectively barred an additional extension of the moratorium, so the market may finally get an opportunity to correct. This delay is evident on the graph as a flat line from the middle of June through early July.

It’s time to sell underperforming or oversized properties. I can help get it sold quickly and smoothly. Please call, text or email.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

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