June this year started out so beautiful! We all got to enjoy some double digit temps and be outside a little bit before the oppressive summer heat took over! But, that heat is definitely here and now we can't wait for the monsoons to start!
Unlike the weather, home prices for single family homes last month were slightly lower than the previous month. The average price was $461,120 compared to $472,677 the month before. That price broke the previous high average price of $458,576 in May, 2022. So even though the prices were down a little, they are still relatively high and on the rise.
Days on market is also down slightly, to 42 days, just a day less than in May. Homes are selling slightly quicker. There are also fewer months of inventory available, 2 months in June compared to 2.1 in May.
Given those numbers it makes sense that there are also fewer homes for sale. 2,094 in June compared to 2,233 in May. This continues a trend that we have been seeing since October, 2022 of low inventory.
So, rates are holding fairly steady and in my opinion, the rates you can get now are fairly good, historically speaking. It is definitely still a good time to buy, considering the overall trend of prices on the rise. Every month you don't own your home you're missing out on that equity. So, what's the best time to buy? Now!