RE/MAX National Housing Report for July 2023
- July home sales declined 14.7% from June and 16.1% compared to a year ago.
- Inventory of homes for sale increased by 3.1% from June but still lagged 20.8% from July 2022.
- Median sales price declined by 0.7% compared to June but increased by 1.2% compared to July 2022.
- None.
July Sales Down but Inventory is Up, Sellers Get Their Asking Price
July home sales declined
With the average close-to-list price ratio in July at
"The market is playing out like we expected it to, it's bumpy," says Nick Bailey, President and CEO of RE/MAX LLC. "The inventory situation is unique — we are seeing it differ across the country depending on what area, but demand for housing is still strong. As rates stabilize, consumers' confidence should strengthen, helping boost market activity."
Real estate agent Jeffrey Decatur of RE/MAX Capital in
Other notable metrics:
- Months' supply of inventory in July was 1.5, up from June's 1.3 but below the 1.6 months recorded a year ago.
- Homes sold in July were on the market for an average of 30 days, which was 1 day longer than in June and 6 days longer than July of last year.
Highlights and local market metrics for July include:
New Listings
Of the 50 metro areas surveyed in July 2023, the number of newly listed homes is down
New Listings: | |||
Market | Jul 2023 | Jul 2022 | Year-over-Year % Change |
5,962 | 14,633 | -59.3 % | |
3,131 | 5,779 | -45.8 % | |
1,206 | 1,927 | -37.4 % | |
4,549 | 7,195 | -36.8 % | |
2,611 | 4,071 | -35.9 % |
Closed Transactions
Of the 50 metro areas surveyed in July 2023, the overall number of home sales is down
Closed Transactions: | |||
Market | Jul 2023 | Jul 2022 | Year-over-Year % Change |
170 | 261 | -34.9 % | |
1,163 | 1,600 | -27.3 % | |
10,036 | 13,268 | -24.4 % | |
2,058 | 2,700 | -23.8 % | |
403 | 527 | -23.5 % |
Median Sales Price – Median of 50 metro area prices
In July 2023, the median of all 50 metro area sales prices was
Median Sales Price: | |||
Market | Jul 2023 | Jul 2022 | Year-over-Year % Change |
+14.1 % | |||
+9.2 % | |||
+9.0 % | |||
+8.9 % | |||
+8.2 % |
Close-to-List Price Ratio – Average of 50 metro area prices
In July 2023, the average close-to-list price ratio of all 50 metro areas in the report was
Close-to-List Price Ratio: | |||
Market | Jul 2023 | Jul 2022 | Year-over-Year Difference* |
103.1 % | 105.5 % | -2.3 pp | |
97.8 % | 99.8 % | -2.1 pp | |
98.4 % | 100.3 % | -2.0 pp | |
100.0 % | 101.9 % | -1.9 pp | |
99.0 % | 100.8 % | -1.8 pp | |
*Difference displayed as change in percentage points |
Days on Market – Average of 50 metro areas
The average days on market for homes sold in July 2023 was 30, up 1 day compared to the average in June 2023, and up 6 days from the average in July 2022. The metro areas with the lowest days on market were a tie between
Days on Market: | |||
Market | Jul 2023 | Jul 2022 | Year-over-Year % Change |
45 | 23 | +99.0 % | |
51 | 27 | +88.4 % | |
54 | 30 | +81.3 % | |
59 | 33 | +78.7 % | |
42 | 24 | +73.0 % |
Months' Supply of Inventory – Average of 50 metro areas
The number of homes for sale in July 2023 was up
Months' Supply of Inventory: | |||
Market | Jul 2023 | Jul 2022 | Year-over-Year % Change |
1.6 | 4.4 | -62.4 % | |
1.8 | 3.8 | -51.6 % | |
1.1 | 2.0 | -42.6 % | |
1.8 | 2.9 | -37.1 % | |
0.7 | 1.0 | -28.9 % |
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.
Report Details
The RE/MAX National Housing Report is distributed monthly on or about the 15th. The Report is based on MLS data for the stated month in 50 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, most of the largest metro areas in the country are represented, and an attempt is made to include at least one metro area in almost every state. Metro areas are defined by the Core Based Statistical Areas (CBSAs) established by the
Definitions
Closed Transactions are the total number of closed residential transactions during the given month. Months Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pending listings) during the month. Where "pending" data is unavailable, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days that pass from the time a property is listed until the property goes under contract. Median Sales Price for a metro area is the median sales price for closed transactions in that metro area. The nationwide Median Sales Price is calculated at the nationwide aggregate level using all sale prices from the included metro areas. The Close-to-List Price Ratio is the average value of the sales price divided by the list price for each closed transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. While MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month, the previous period's data is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.
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SOURCE RE/MAX, LLC
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