July 2023 housing market stats according to the National Association of Realtors say:
First-time home buyers were responsible for 30% of all home sales in July 2023.
Individual investors purchased 16% of homes.
All-cash sales accounted for 26% of transactions.
Distressed sales represented 1% of home sales.
Properties typically remained on the market for 20 days.
Total housing inventory registered at the end of July was 1.11 million units, up 3.7% from June but down 14.6% from one year ago (1.3 million). Unsold inventory sits at a 3.3 month supply at the current sales pace, up from 3.1 months in June and 3.2 months in July 2022. Remember an equal housing market is where the housing supply sits at 6 months. And a home buyers market is 6+ months of supply, which means we are still sitting strongly in a sellers market.
Last bit of info from NAR’s July 2023 housing market stats is, that the median existing-home price for all housing types in July was $406,700, an increase of 1.9% from July 2022 ($399,000). Prices rose in the Northeast, Midwest and South but were unchanged in the West.
To read more about what the National Association of Realtors say, click here
Ready to talk to a Realtor? We are here for YOU! We’d love to talk about the current housing market, contact us here