Average price declined from June by a significant 5.4%, from $1,182,120 down to $1,118,374. This is seasonal and to be expected, but how much of a drop should we expect from the busy spring to the slow summer? I’ll write a blog about this for next Tuesday as I dive into the stats, but I would have thought a 3-4% decline was in store. Since July of 2022, the average home price is up 4.2%, from $1,073,213 last year to $1,118,374 this past month.
Sales also dropped significantly on a month-over-month basis, which, again, is to be expected. After seeing 7,481 sales in June we only experienced 5,250 in July; a drop of 29.8%. But as with average home price, we saw an increase on a year-over-year basis as those 5,250 sales last month are still 7.8% higher than the 4,780 sales recorded in July of 2022.
New listings declined last month which is probably a good thing, given the 29.8% drop in sales, although it’s worth noting that new listings “only” dropped by 13.6%, from 15,865 in June to 13,712 in July, so that means inventory is building up, and it will be noted below with a corresponding increase in active listings. Year-over-year, we actually saw an increase in new listings for the month of July, from 12,294 to 13,712; an increase of 11.5%.
were up marginally last month: a tidy 4.4%. That’s not much to draw conclusions from, but it is good for the buyers out there that constantly lament, “There’s no inventory!” We saw 15,194 new listings in May and 15,865 in June. Year-over-year, we saw a decline, but again, a modest one: just 3.0% from the 16,353 new listings experienced in June of 2022 to the 15,865 last month. With sales declining and new listings increasing, it seems to reason that active listings will rise as well.
Active listings increased by the largest figure you’ll see in these stats today: 18.9%. That corresponds with the 14,107 active listings at the end of June, 2023, compared to the 11,868 active listings found in June of 2022. Again, this is the direct result in a 4.4% increase in new listings up against a 17.0% decline in sales. But year-over-year, we still saw a decline! Those 14,107 active listings at the end of June were still 12.3% lower than the 16,087 active listings at the end of June, 2022.
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