Increasing inventory continued to positively impact overall home sales from May to June, according to the housing report released by the Prescott Area Association of REALTORS® (PAAR).
The highlight of June’s data is the rise in total sales in Prescott, a 4% increase from May to June and the first positive gain of the year in this category.
Another bright spot is that the rate of home sales is clearly picking up with only a 4.8% dip in June compared to a 13.9% dip in May. This 9.1% increase in the total sales rate of 9.1%. corresponds to an increase in total homes sold from 346 in May to 375 in June.
The median sold price for June began to rise throughout the Quad Cities, showing a 3.5% increase. Dewey-Humboldt led the category with an 8.1% increase, while smaller but still significant increases in median sold price can be seen in Prescott (4.8%) and Prescott Valley (4.4%).
Months of inventory continued to rise throughout the Quad Cities and surrounding areas with a month-over-month increase of 23.1%, reflecting a change from 2.6 months of inventory in June of 2022 to 3.6 months of inventory for the same time this year.
In a June press release from the National Association of REALTORS®, NAR Chief Economist Lawrence Yun said, “Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing.” Yun added, “The lack of housing inventory continues to prevent housing demand from being fully realized.”
Historically, six months of supply is associated with moderate price appreciation.
In the Quad Cities, a decline in new listings across all regions is becoming a key area of focus to bring context to discussions regarding current market conditions.
“Market logic dictates that fewer listings equals fewer sales,” said M. Faye Humphrey, 2023 PAAR President. “A shortage of inventory is still a factor, both nationally and here at home, but we hope to see this ease as we enter the fall season,” Humphrey said.
The detailed reports are available here: at https://dashboards.domusanalytics.com/v/PrescottInfographic and https://dashboards.domusanalytics.com/v/PrescottInfographicArea
Editor’s Note: All data is compiled from the Multiple Listing Service of the Prescott Area Association of REALTORS®and includes single-family, manufactured, mobile, modular, condos, and townhouse residential activity in Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt.
