Direct Access To All Multiple Listings Like Realtors®

(Prices and inventory current as of Nov 30, 1999)

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Direct Access To All Multiple
Listings Like Realtors®

(Prices and inventory current as of Nov 30, 1999)

See Pictures and updates (icon)See photos and updates from listings directly in your feed

Share with you friends (icon)Share your favorite listings with friends and family

Save your search (icon)Save your search and get new listings directly in your mailbox before everybody else

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JUNE ’24 MARKET UPDATE: Is Housing Inventory Finally On The Rise?

JUNE ’24 MARKET UPDATE: Is Housing Inventory Finally On The Rise?

  • Average sales price was up 7% to an average price of $391,145.
  • Inventory of homes is showing signs of increasing, increasing 33% to 946 units available for sale (compared to 710 units the previous month).
  • While the increase in unit sales is a boon to our market, inventory is still well below balanced levels sitting at a ~1.76 month supply of homes available for sale.
  • We are still in a very competitive seller market, with sellers averaging 3.63% over ask.
  • Interest rates have continued to hover around 7% according to Mortgage News Daily.

BOTTOM LINE

The main factors influencing home prices are housing supply, demand, and mortgage rates.

Until we see a drop in rates coupled with increased inventory the market will remain a strong seller’s market and prices will continue to appreciate.