July 2023 Highlights
- The median price of homes for sale decreased by -0.9% annually to $440,000 in July, the second month in a row that listing prices decreased on a year-over-year basis.
- Home sellers were less active in July, with 20.8% fewer new homes listed for sale than last July.
- The number of homes actively for sale decreased by 6.4% compared to July 2022, contributing to a renewed inventory crunch.
- The total number of unsold homes, including homes under contract, decreased by 9.1% compared to a year ago.
- Homes spent 45 days on the market, which is 11 days longer than last year but still shorter than before the COVID-19 pandemic.