The housing market is displaying mixed signals, indicating a potential impending shift. In June, the average price of properties decreased by $13,972, resulting in a final price of $1,182,129. However, when compared to the previous year, average sale prices have still seen a significant increase of $35,875. This is the first occurrence in 2023 where month-over-month values dropped, but it also marks the first positive yearly comparison.
Despite the slight decline in prices, overall inventory levels have continued to sluggishly rise, with 14,107 active listings at the end of June. While this represents a month-over-month increase of over 2,000 properties, the final total is still the second-lowest June total inventory over the past decade, low inventory has intensified the competition among buyers for the limited available properties. Sales, however, are still happening at a rapid pace, with properties selling on average in just 14 days for the second consecutive month. The number of active listings remains well below the monthly 10-year average, currently sitting 19% lower than historical levels. The market absorption rate remains remarkably robust, with 52.5% of available listings being sold in June, and properties achieving a sales price of 104% of the list price.
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