June sales decline amid supply challenges and rising prices

June sales decline amid supply challenges and rising prices

Sales in June reached 2,738, marking a 13% decline from last year’s record high. Although sales improved for homes priced above $700,000, it was not enough to offset the declines reported in the lower price ranges. Despite the easing in June sales, they remain over 17% higher than long-term trends.

This month, new listings also eased relative to sales, causing the sales-to-new-listings ratio to remain elevated at 72%. Inventory levels did improve over last year’s low levels, primarily due to gains in the higher price ranges. However, with 3,789 units available, levels remain 40% lower than long-term trends.

The modest change in inventory levels helped increase the months of supply. However, at 1.4 months, conditions continue to favor sellers. Persistently tight conditions drove further price gains this month.

In June, the unadjusted benchmark price rose to $608,000, a gain over last month and nearly 9% higher than last year. Prices rose across all districts, with the most significant year-over-year gains occurring in the North East and East districts.

What does this mean for you?

Buyers: Act quickly in this competitive market to secure your dream home before prices rise further.

Sellers: Take advantage of the seller-favorable conditions and rising prices to get the best value for your property.

Contact me today to discuss how we can help you navigate this dynamic market!

Jason Streich
Real Broker
(403) 807-2204

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