May closing numbers of 1542 homes sold was a bump in the right direction. The number of sales is way down from last year, but that is only relevant to real estate brokerages not sellers.
We work almost exclusively with individual sellers not builders, so we pulled out existing sold homes and found average list price of $541,486.00 a new record high. The previous high was in July of 2022, when the market was cruising, and the average list of homes closed that month was $534,076.
Another interesting sign is the bottom part of the graph showing price differential. The average home in May sold for $2,000 under asking price, the record asking price.
Looking ahead at June our model shows and average list price for existing homes under contract and scheduled to close in June at over $570,000.00
So much for a slow market and falling prices. Before you drop your price make sure you have the right agent, (hint, hint)