In terms of inventory, the market is continuing to get more top-heavy, with inventory significantly increasing at price points above 2M. Looking at combined months of inventory above $2M, there is 10 months of inventory.
Median sold prices continue to track very closely with 2021. The aggregate median sold price from June to July roughly held steady, declining by 2K to 638K.
And the number of new listings coming to market declined significantly in July, down more than 21% vs. June, and down nearly 27% vs. July 2022.
Similarly, transactions continue to decline, following the same general trend as 2022. The gap continues to narrow, though, as we enter the 2nd half of the year and are comparing with the slowing market in the 2nd half of 2022. While January 2023 was down nearly 30% vs. January 2022, July 2023 was down about 3% vs. July 2022.
Another leading indicator or market activity is new pending transactions. Those bumped up in July compared to a year ago, and in August ’22 we saw a modest jump in activity so we could see something similar this August before things likely enter a typical fall season cycle in which things progressively slow down through the end of the year.
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