- Prices are nearing the 2022 high mark and are likely more sustainable through year-end.
- Now more homes selling for over the asking price than under the asking price.
- Days on market are now down to just over 20 days. Compared to the last two years, this is high. But compared to the last ten years, 20 days on the market is about average.
- A primary driver of buyer activity (a/k/a demand) is interest rates. With a debt ceiling crisis looming, banking industry instability, and unemployment low, interest rates are likely to remain elevated.
- Available inventory of pre-existing homes hit 5,168 last week and is experiencing a gradual increase compared to the sharper rise of last year when buyer activity ground to a halt.
- The average sold price for a single-family home hit $803,990 last week, compared to $805,718 one year ago. This is likely to increase for the next 30 days and surpass 2022 before beginning to relax a bit.?
- It is important to understand the market is seasonally shifting normally right now.