The local housing market showed notable cooling in July, with 520 closed sales, down 22.3% compared to July 2024 (669 sales). This marks one of the weakest July performances in recent years, signaling a shift in buyer and seller behavior.

What the Trend Shows:
The chart illustrates a long-term pattern: after peaking in mid-2021 during the pandemic housing surge, sales have steadily declined, stabilizing closer to pre-pandemic levels. Seasonal fluctuations remain, but this year’s July dip stands out as significantly lower than the historical average for this time of year.

Why the Decline?

Affordability Pressures: Higher interest rates and rising insurance costs continue to squeeze buyer budgets.

Inventory Adjustments: While more homes are available than in the frenzy of 2021, buyers are taking longer to make decisions.

Market Normalization: After several years of unprecedented activity, the market is trending toward a more balanced environment.

What This Means for You:

For Buyers: Less competition and more choices could work in your favor—but be ready to move when you find the right property.

For Sellers: Pricing and presentation are critical. Homes that are well-prepared and priced right still sell quickly, but overpricing can lead to extended days on market.

If you’re curious about how this affects your home’s value or where the best deals are right now, schedule a quick strategy session.