|A LOOK AT THE MARKET
With summer vacations in full swing and higher interest rates persisting in July, new inventory of detached, single-family homes decreased 26% year-over-year and 16.7% compared to the prior month. However, fewer homes went pending and closed last month.
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This combination of low inventory and low demand kept prices in check, and the median home price for July price came in at $650,000—a slight dip month-over-month. Average days on the market also held steady month-over-month at 23, though that number was just 14 a year ago.
As for condos and townhomes, attached homes, the median price of $420,000 remained flat between June and July but increased by 2.9% year-over-year.