The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for July 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
New Listings decreased 23.3 percent for single-family homes and 26.7 percent for townhouse-condo properties. Pending Sales decreased 8.2 percent for single-family homes and 12.4 percent for townhouse-condo properties. Inventory decreased 60.7 percent for single-family homes and 54.4 percent for townhouse-condo properties.
The Median Sales Price was up 14.3 percent to $400,000 for single-family homes and 7.4 percent to $290,000 for townhouse-condo properties. Days on Market decreased 61.4 percent for single-family homes and 55.2 percent for townhouse-condo properties. Months Supply of Inventory decreased 63.0 percent for single-family homes and 56.3 percent for townhouse-condo properties.
The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.Want to learn more about your current market? Request a free market analysis from one of our Realtors.