- For Summer 2023 -

Improving Market Sees High Demand for New/Remodeled Homes

  • After a late 2022 pause sparked by higher interest rates, our market is improving again

    • May single-family home sales were down 10.4% year-over-year—the lowest rate of decline since June 2022

    • Compared to pre-pandemic 2019, May sales were down just 1.3%

    • Compared to 5 years ago (2018), May sales were up 6.4%

  • Inventory increased in May to 2.8 months supply—still well below a balanced market

  • New homes are preferred and made up 25% of May sales

  • Median price is up almost 40% compared to pre-pandemic 2019: $340,095 vs. $249,993

  • Sellers: Great time to sell new/remodeled homes & now’s the time to update…

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