said in its June report that housing affordability remains challenging as prices continue to climb, interest rates remain high, insurance rates rise, and property taxes increase.
“However, year-to-date, we are only down 3.5%. Pending sales are still down 12.6% from June 2023 and are 13.7% year-to-date. Solds were down 22.6% from a year prior and are down 14% year-to-date. None of this is good news for sellers as buyers continue to wait for interest rates to come down with additional concerns ranging from economic uncertainty, the upcoming election and employment keeping many on the sidelines.
Months available supply statewide increased by 38.5% from 2.6 months in June 2023 to 3.6 months last month and at the same time, the average days on market increased 13.5% from 37 in June 2023 to 42 last month.