- Interest rates remain elevated, and as a result, the volume of activity is way down for both buyers and sellers.?
- This has created a different kind of balanced supply and demand market, as measured by months of inventory.?(Months of inventory is simply a ratio of how many homes are on the market right now compared to how many sold over the last 30 days.)
- If as many sellers had brought homes on the market this year as compared to last year, we'd have 2.5 months of available inventory right now instead of the current 1.60 months of inventory.
- With inventory essentially unchanged from last year at this time, home prices have remained steadier than the rapid climb and fall of last year.
- The average home price on August 14th over the last four years:
- 2020-$526,724
- 2021-$600,580
- 2022-$655,823
- 2023-$689,339
- Comparing 2023 to 2022, we are 5.1% higher in average sales price.?Or put another way, we’ve experienced 5.1% home value appreciation, year over year.
