1-Minute Market Update (July)

Over the last 6-months, the number of Active homes climbed to historic highs. As insight, it more than doubled since 2020. Yet, it decreased in July; albeit by just (3) to (433). However, any decrease is welcome news. July ended the month with (289) New Homes and (144) Resales.

RESALES:

Very rewarding results for July. The Average Sales Price reached a HISTORIC NEW HIGH. Additionally, the Sales Price per square foot also trended to a 4-month high. The number of homes Sold increased too. And, the “Months of Supply” dropped. So, the results for July could not be better…for Sellers!

NEW HOMES:

Aside from the Price Per Square Foot remaining the same as June’s, July witnessed a complete turn-around in results. Sales Prices dropped, as New Home builders built smaller and lower priced homes. They also SLASHED PRICES. Some as much as $100,000! The number of homes Sold also reversed direction, and there was a decrease in the months of Supply.