July 2023 Statistics

The Dog Days of summer are nearly behind us. Days are getting shorter and the days of extreme heat are lessening.

Whether it's the Dog Days or summer vacationing, we often see a reduction in the number of sales in July and/or August. This July (52 closed sales) continued this trend with sales down about 25% from June (68 closed sales). This might be why July showed a couple price ranges moving to an Average Market (6 months of inventory) or even a Buyer's Market (7+ months of inventory) due to decreased demand in those price ranges.*

Is this the start of a trend of less demand and more inventory for Buyers?

If you're a Buyer, that is always the hope. But, every other price range had demand causing low inventory. The low number of new home starts and the number of sold homes with 90 or less days on market (90%) show that the market still favors Sellers.

Interest rates are something everyone is watching closely. Mortgage watchdogs predict that rates will start to come down this year in Q3 this year and continue through next Spring. We expect more listings as homeowners decide that a lower interest rate creates a better monthly payment option.

With the high number of Buyers searching for a home is high, we expect the competition to also remain high.

If you don't want to be in the doghouse**, make certain you are getting good advice from a lender and; as always, we, at Alta Homes, are here to help you navigate the home purchasing process.

*This July $1.5M+ was an Average Market and $850,000 - $899,999 was a Buyer's Market. All other price ranges remained a Seller's Market/low inventory.

**I couldn't stop myself from one last dog reference.

Melissa Tetz

Alta Homes / Walla Walla

509-301-1371

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