A Snapshot - July 2023 was a Seller's Market!

The housing market data showed a significant 29.4% year-over-year drop in for-sale listings, though there was a 6.6% increase from the previous month. Sold listings declined both annually (19.3%) and monthly (13.6%). Despite a monthly increase in under-contract listings (3.6%), they were down 7.6% from the prior year. There was a 14.4% year-over-year reduction in months of inventory based on closed sales, standing at 1.8 months. Although the average sold price per square footage decreased slightly both month-over-month and year-over-year, the median sold price remained unchanged from the previous month. The market showcased a neutral average sold price trend over six months, while the median sold price was appreciating. Notably, there was a significant 56.3% year-over-year increase in the average days on the market, and the sold price was on average 99% of the original list price, up 1% from last year.