What’s the Latest?

Week of August 21st - August 27th

Real Estate News

Buying and Selling Near and Far

Throughout the country, mortgage rates continues to challenge the real estate market and the latest headline is that nobody wants to buy (or sell) existing homes. Nationwide, sales of existing US homes (not new homes) fell 2.2% in July (more than expected) to the lowest level since January. The drop extends to ~17% on an annual basis. Median sales prices, meanwhile, rose 1.9% from a year earlier to $407,000. It was the first YoY increase in prices in 6 months.

Here in Monterey County, sales of existing homes grew 6.8% in July, surpassing the sales in June and far surpassing the sales in January. Median sales prices for existing homes in the County rose 3% from a year earlier, to $944,500. This was the first YoY increase in prices in 9 months.

In the luxury market here in Monterey County (I am casting a wide, including all homes over $2MM), sales grew over 36% in the month of July compared to the previous month, marking the highest monthly sales level since September of 2022. Median sales price for existing homes over $2MM in the County fell around 13% from last month, and around 10% from last July.

Keep in mind that as we keep niching down with the data (Nationwide to County to luxury in County), the amount of variation increases, especially when looking at monthly numbers. Overall, the luxury market is still strong and the price per square foot so far in 2023 is surpassing 2022 and 2021 levels.

Historically, the summer months are the most active for the real estate market here. Also, inventory is a bit higher during these months, although the inventory in the County for the month of July was lower than the prior two months, and far lower than last July. As I covered a couple of months ago, it will be interesting to track prices and inventory as we move into the Fall and Winter months.

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Jonathan Balog

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M: 831.747.0310
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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