Prices soften, and inventory hits a record high level.
June was a month for the books. In good news, we had modest price increases for condos month-over-month (although still down from 2018), and we saw both condos and homes sell in the fewest days we have seen all year. In less robust news, homes are down in price both compared to April and 2018, and our months supply of inventory continues to creep up.
The most notable thing that happened in June is that we hit a record high amount of inventory. The total number of condos and homes for sale is at a level we haven’t seen since December 2011. With us heading into the “summer slowdown”, if we continue to see increasing inventory, we may continue to see further softening of prices.