What’s Happening in Our Market?
A quick update on what’s happening in our real estate market.
We’re closely watching rising interest rates and all the other economic news. Today we’ll go over everything we saw in the market last month.
There were 6,057 active listings on the market last month. That’s a 65% increase from the previous month and a 94% increase from last year. There were 5,090 closed homes. That’s a 12.4% decrease from the previous month and a 23% decrease from last year.
"Inventory is increasing much faster than we're used to."
In general, there are more homes to look at but also fewer closings. The average sales price for both single-family homes and attached properties was just over $719,000. That’s a 0.73% increase from last month and a 12.11% increase from last year.
Historically, the average amount of active inventory at the end of June has been 15,747. The highest was 31,900 in 2006, and the lowest was 3,122 in 2021. The average increase in active inventory between May and June is about 8%. Our inventory is increasing much faster than we're used to, but it’s still relatively low right now.
If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.
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