By Philip Haldiman | Your Valley
The national housing market has seen gains in inventory and median home price over the last month, and the local industry in Peoria is reflecting those gains.
The inventory of unsold homes nationally increased 7.3% to 1.32 million from June to July – equivalent to 2.6 months of the monthly sales pace, according to a recent report from the National Association of Realtors.
This is down 12% from one year ago, according to the report.
The median existing-home price nationally for all housing types in July was $359,900, up 17.8% from July 2020 ($305,600), as each region saw prices climb.
The median price in the West was $508,300, up 12.5% from July 2020.
NAR Chief Economist Lawrence Yun said this marks 113 straight months of year-over-year gains.
“Although we shouldn’t expect to see home prices drop in the coming months, there is a chance that they will level off as inventory continues to gradually improve,” Yun said. “In the meantime, some prospective buyers who are priced out are raising the demand for rental homes and thereby pushing up the rental rates.”
