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 were up 14.0 percent to 398. Pending Sales decreased 0.6 percent to 328. Inventory shrank 26.4 percent to 698 units.
Prices moved higher as Median Sales Price was up 15.6 percent to $249,950. Days on Market decreased 34.1 percent to 87 days. Months Supply of Inventory was down 41.0 percent to 2.3 months, indicating that demand increased relative to supply.
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.