Growth in the inventory of homes for sale inched up in July. What are you experiencing in your local market?
RE/MAX NATIONAL HOUSING REPORT FOR JULY 2023
July Sales Down but Inventory is Up, Sellers Get Their Asking Price
DENVER – July marked the first month-over-month decline in home sales since April, signaling that perhaps the peak of summer buying is beginning to taper. Growth in the inventory of homes for sale inched up alongside modest increases in interest rates despite strong consumer demand.
July home sales declined 14.7% from June and 16.1% compared to a year ago. The decline was tied to a 9.0% drop in new listings month over month and represented 26.7% fewer new listings year over year across the 50 metro areas surveyed. July inventory was up 3.1% from June, even though it still lagged 20.8% from July 2022. Tight inventory amid consistent demand continued to prop up the median sales price of $425,000. This is a marginal decline of less than 1% compared to June, while registering a 1.2% upswing in comparison to July 2022.
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