According to the national association of Realtors home sales were down by 2.2% in July year over year. This is mainly because there were fewer houses on the market.
Here are some highlights from the Realtor confidence index:
- 74% of respondents reported that properties sold in less than one month. This is down slightly from 76% a month ago and down from 82% in July 2022.
- 26% of buyers had all-cash sales, unchanged from last month and up slightly from 24% in July 2022.
- Homes listed received an average of 3.0 offers, down from 3.5 last month and up from 2.8 offers in July 2022.
- Due to the lack of housing inventory, the pace of the market, and the use of technology, 9% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. Down slightly from one month ago and flat from one year ago.
If you want to know more about home sales in your neighborhood ask a Realtor.
Also see: July 2023 Home sales in St. Paul
