New Listings were down 5.4 percent for single family homes and 12.3 percent for townhouse-condo properties. Under Contracts decreased 17.9 percent for single family homes and 18.2 percent for townhouse-condo properties.The Median Sales Price was up 10.4 percent to $635,000 for single family homes and 6.8 percent to $410,000 for townhouse-condo properties. Days on Market increased 50.0 percent for single family homes and 7.7 percent for townhouse-condo properties.
At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-mont and 14.2% year-over-year as of last measure, according to NAR. But there is bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.
Source: https://www.dmarealtors.com/