Key metrics point to strong start to July housing market

Key metrics point to strong start to July housing market

Homes under contract, closings, new listings and median prices posted gains in the first week of July, pointing to a housing market which is showing signs of a definite rebound.  

Contracts soared 48 percent for the first week of July when compared to 2019 numbers. According to data provided by MRED, there were 4,327  contracts for the week of June 30-July 6, compared to just 2,922 the previous year.

Other findings:

  • Closings increased 47 percent for the week when compared year over year, with 3,313 closings recorded for June 30-July 6.
  • New listings increased nine percent for the first week of July when compared to the same period in 2019.
  • Median prices increased five percent to $260,000, increasing from $247,250 as buyers returned to the market.