Improving Market Sees High Demand for New/Remodeled Homes
Posted by Boulevard Realty on
- For Summer 2023 -
Improving Market Sees High Demand for New/Remodeled Homes
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After a late 2022 pause sparked by higher interest rates, our market is improving again
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May single-family home sales were down 10.4% year-over-year—the lowest rate of decline since June 2022
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Compared to pre-pandemic 2019, May sales were down just 1.3%
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Compared to 5 years ago (2018), May sales were up 6.4%
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Inventory increased in May to 2.8 months supply—still well below a balanced market
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New homes are preferred and made up 25% of May sales
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Median price is up almost 40% compared to pre-pandemic 2019: $340,095 vs. $249,993
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Sellers: Great time to sell new/remodeled homes & now’s the time to update…
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