Most notably, the first quarter of 2022 saw sales volume return to more average levels, with April and June 2022 having the lowest number of sales in the prior 5 years. This is highlighted in the graph below. Additionally, we are seeing even shorter marketing times as the velocity of the market continues to be very strong.
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It is most notable that while there is still a significant shortage of homes available in inventory, the market is showings signs of moving back to a state of relative equilibrium. Prices remain strong though marketing times are increasing significantly. This is likely due to seasonality of the market (see graph “Number of Sales by Month”), combined with high interest rates.
While closing volume for August 2023 recovered to a level closer to the average total sales volume is down 12.5% year-over-year.
While sales volume for June was strong, volume for July was the lowest in the prior 6 years with 13.6% fewer closings than July 2022. Overall, sales volume for the year is down 36.4%
It is most note worthy that while the sales volume for the first five months of the year was down significantly, June of 2023 saw a higher number of sales than in June of the prior two years.
Most notable is that sales volume is significantly down when compared to the same months in years prior. April saw a 44% decrease in sales volume when compared to May of 2022. The year-to-date sales volume is down approximately 28% when compared to 2022 as well.
Most notable is that sales volume is significantly down when compared to the same months in years prior. April saw a 20% decrease in sales volume when compared to April of 2022. The year-to-date sales volume is down approximately 22% when compared to 2022 as well.