For the first time in a month, inventory levels did not increase week-over-week as new listings continue to stall, according to the latest data from Altos Research.
- Active inventory of unsold single family homes is 561,000, this is unchanged from the prior week.
- Inventory levels are up 31% from the same time last year but they are similar to 2020 levels and almost half of where we were in a more normalized 2019 market.
Home Prices. The median price of a single family home fell slightly to $434,000. Mike Simonsen, CEO of Altos Research, is now projecting that the median home price will end the year at $400k which is a $10,000 drop from the prior week.
Up & Downs. Price reductions have hit an all-time high of 41.9%, this is up significantly from the all-time low of around 15% reported earlier this year.
- Immediate sales continue to plummet now down to just 16%, this is down from 27% last year and down from the ’22 high of 35%.
BOTTOM LINE: As rates continue to rise homeowners have even less reason to sell which will keep inventory levels historically low.