U.S. real estate market might finally be cooling down 2021-08-06
Gulf Coast Real Estate Update
August 6th, 2021
Real Estate market might be cooling down
Several recent reports show that the U.S. real estate market might finally be cooling down a bit. Nationally we’ve seen a decline in home sales, an increase in inventory, and other indicators that suggest the housing market is slowing. While the real estate scene does appear to be slowing into the latter part of 2021, most U.S. cities are still experiencing seller’s market conditions. Across much of the United States, housing supply is starting to trend upward.
Here’s how our market compares.
Residential Sales Volume in Pinellas County dropped 11% from June 2021 to July 2021.
Median Sales Prices of residential property dropped modestly following monthly price increases since the beginning of the year.
Mortgage Rates Trend Dip
With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit. The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 2021, and the 15-year fixed remained at its historic low. This bodes well for those still looking to refinance, renovate or even purchase a new home.
