Market Update. . .
Despite recent alarming events and headlines, home prices have not collapsed, the job market remains strong, and the Fed has slowed its pace on rate hikes. New construction is taking a bigger share of existing demand, and sales in price points with available inventory are up.

The number of homes for sale is up 73.6 % from one year earlier while inventory of homes for sale is down 2.7% from March. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from.

Based on the 6-month trend, the average sold price trend and the median sold price trend are "appreciating". The average sold price increased by 3.3% and the Median Sold Price increased by 1.8% from last month. The number of sold homes is down 11.9% month over month and down 26.9% year over year. The average days on market showed a neutral trend, the DOM for April 2023 was 37, down 15.9% from 44 days last month and up 105.6% from 18 days in April of last year.

The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. This month Sold Price vs. Original List Price of 97% was the same as last month and down from 4.9% in April of last year. April’s Median List Price, $442,000, shows an increase of 3.5% from last month.
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