Home sales in July were down by 14.7% from June and down by 16.1% compared to one year earlier, according to new data from RE/MAX (NASDAQ:RMAX). This marked the first time since April that month-over-month sales recorded a decline.
“The market is playing out like we expected it to, it’s bumpy,” says Nick Bailey, president and CEO of RE/MAX LLC. “The inventory situation is unique — we are seeing it differ across the country depending on what area, but demand for housing is still strong. As rates stabilize, consumers’ confidence should strengthen, helping boost market activity.”
Of the 50 metro areas surveyed by RE/MAX in July, the number of newly listed homes was 9% lower than the level recorded in June and down 26.7% compared to July 2022. The markets with the biggest decrease in year-over-year new listings percentage were Phoenix (-59.3%), Las Vegas (-45.8%) and Providence, Rhode Island (-37.4%). Only Kansas City recorded a year-over-year new listings uptick at 1.8%.
In July 2023, the median of all 50 metro area sales prices was $425,000, down 0.7% compared to June and up 1.2% from July 2022. The markets with the biggest year-over-year decrease in median sales price were Phoenix (-4.4%), San Antonio (-3.7%) and Las Vegas (-3.4%), while the markets with the biggest year-over-year increase in median sales price were Trenton, New Jersey (14.1%), Bozeman, Montana (9.2%) and Milwaukee (9.0%).
During July 2023, the average close-to-list price ratio of all 50 metro areas in the report was 100%, flat compared to June and down from 101% compared to July 2022. The average days on market for homes sold was 30, up by one day compared to the average in June and up by six days from the average in July 2022. The number of homes for sale was up 3.1% from and down 20.8% from July 2022.