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Key Take-Aways:
- Average sales price was up 7% to an average price of $389,441.
- Inventory of homes is showing signs of increasing, increasing 12% to 962 units available for sale (compared to 785 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 ~1.47 month supply of homes available for sale.
- We are still in a very competitive seller market, with sellers averaging 3.34% over ask.
- Interest rates have dropped significantly, reaching their lowest levels in ~18 months Mortgage News Daily.
BOTTOM LINE
We’ve now seen three consecutive months of inventory improvements and decreasing interest rates. These trends could provide the incentive that both buyers and sellers need to get into the market.
