Pending sales were only down -16.4% in July (compared to July 2019). The average sales price increased +9.2%, a very healthy climb. However, months supply of inventory is way down again, a whopping -34.5%. This stat changed more than any other. There is only a 1.9 month supply of inventory, which is extremely low., and mainly due to COVID-19.
Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets (including the Triad). With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.