Summary
Inventory jumped up 24% in the past month. Compared to the same time last year, it’s down 17%, but that gap is narrowing. July new pendings and closed sales both dipped compared to the prior month. That decline in pendings will have August closed sales down again from the previous month, but expect fall sales to gradually pick up over the next few months before they tail off in the fourth quarter. While YTD sales are up 18% compared to last year, much of that increase was a result of last year’s two-month lockdown. Compared to 2019, a more typical year for benchmarking, YTD sales are up 4%. While average sale price is up 18%, values within price ranges are up 7% to 13%.
