Having ticked down 1 percent over the past week with typical seasonality in play, the net number of homes for sale across the city (880) is still running around 40 percent lower than at the same time last year, but with 65 percent more homes on the market than there were in mid-August of 2019 and nearly 120 percent more homes on the market than there were at the same time of the year in 2015.
At the same time, while there are now 20 percent more homes in contract that there were at the same time last year, that’s the smallest year-over-year gain in over a year; down from an average of around 135 percent higher, on a year-over-year basis, in the second quarter of the year; and with the average list price of the homes which are in contract having dropped to around $940 per square foot, which is down 5 percent, year-over-year.
Expect inventory levels to continue to drop through the end of August, along with sales, before jumping in September.