On the 15th of each month, the ThinkLiveBe team gets the stats for the previous month. We analyze that data to see how it compares to the previous year and share what’s going on in the market and what to expect. For an update, read more below or watch the video:

What we’re seeing now is pretty much what we’ve experienced this whole year, and that is interest rates that are remaining high, and that has pushed the amount of demand down because it just makes it unaffordable for some people to buy.

The number of home sales is down slightly from this time last year, with a little over 2600 homes sold last month. That is lower than we’ve seen in recent years for the summer months.

While demand is down, supply is up – the number of homes for sale was 10,796 at the end of June, double what was available last year. If you’re thinking of buying you have more options today than you’ve had in years. When it comes to supply and demand (so what dictates what prices do), having double the number of listings available – while good for buyers and for competition – is not enough to see price changes. We would have to see thousands more listings or demand to decline drastically for it to be so out of balance for prices to be pushed down.

So we see an increase in average sales price, median sales price (2.6% higher than last year) – if we continue to see more listings and demand remains the same or goes down, that’s when pressure will be put on those prices to come down. So when we see headlines about prices declining, they’re really referring to asking prices, not the sale prices. Only time will tell! One thing is certain – interest rates are putting pressure on the availability of buyers in the market, and over time this could continue to erode sales prices. If the rates come down, we suspect that a lot of pent up demand would hit the market and immediately put things back into a seller’s market.

In summary, if you’re a buyer, you have a myriad of options right now and more negotiating power. For sellers, prices are great! You may need to accommodate for the market you’re in, but this is still probably the highest price you’d get for your home if you sold right now.

We’re always here to guide you through all the market changes and make sure you’re taken care of. Give us a call at 407-982-7240 and we’ll walk you through the best scenario for you!