The stats are in for the month of June and inventory is starting 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 9.37% to $230,000 because of a prolonged inventory shortage and high demand. The number of homes sold was up from June but 8.8% less than June of 2021 at 445 sales. The average days on market is continues to dip again this month by nearly 10% from this time last year. From the time the house goes on the market to closing, it took about 63 days on average.
The strong seller’s market continues despite the climb in interest rates. We are at the half-way point in 2022 and it appears the market is not slowing down!
