Lawrence housing market saw 18% jump in prices in July

Hot, fast, and increasingly expensive is a pretty accurate summary of Lawrence’s housing market in July. Home sales were up by nearly 13% in July, while the median selling price was up by 18% compared to the same month a year ago. Historically-low mortgage rates certainly are playing a part in the rising number of home sales. Rising prices, however, are being greatly influenced by a trend that Realtors have been pointing to for months now — a low supply of homes on the market. In July there were 144 active listings on the market. That was down from 286 — almost a 50% drop — from July 2019, and down 247 in July 2018. “Supply of available homes in Lawrence is critically low,” Ryan Desch, president of the Lawrence Board of Realtors, said in the group’s recently-released monthly report.
Read more: LJworld.com.