Average price declined on a month-over-month basis for the first time in 2023, trending down a mere 1.2% from $1,196,101 in May to $1,182,120 in June. As noted above, the last two years have seen declines of 6.6% and 3.3% in the same period, so I conclude that the 1.2% drop last month points to an exceptionally strong market. Year-over-year, we saw an increase in the average home price from $1,145,796 to $1,196,101, which represents a 3.2% rise. It’s also worth noting that June was the first month in 2023 where the average home price was higher than it was in 2022.
Sales also declined for the first time in 2023, but that’s to be expected as June is almost always a slower month than May. We saw 9,012 sales in May compared to only 7,481 in June, which represents a 17.0% decline. As the trend continues, however, we saw an increase in year-over-year sales, rising from the 6.422 sales posted in June of 2022 to the 9,012 we saw last month, good for a 16.5% rise. June of 2022 and June of 2023 could not possibly be more opposite!
New listings 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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