The stats are in for the month of July and inventory is continuing to increase, but is well below Pre-COVID averages. The absorption rate has increased slightly to 1.7 months. This means that if there were no new houses listed, we would run out of houses to sell in less than 2 months. In 2019 we saw a rate of nearly 5 months, so, we still have a lot of catching up to do.
The median sales price rose over the last year by 11.1% to $250,000 because of a prolonged inventory shortage and high demand. The number of homes sold was down from last month and 27.3% less than July of 2021 at 303 home sales. The average days on market continues to dip again this month by nearly 11% from this time last year. From the time the house goes on the market to closing, it took about 59 days on average.
The strong seller’s market continues despite the climb in interest rates. Summer is nearly over and it appears the market is not slowing down!
