Hot Houses

While house prices declined from $410,200 in 6/23 to $406,700 in 7/23, don’t be fooled, that’s the highest July price ever and is up from $403,800 in 7/22. Similarly, while inventory ticked up from 1.08 months in 6/23 to 1.11 months in 7/23, it’s again the lowest July level ever and well below the 1.31 months of supply in 7/22. After accounting for seasonality, the housing market is profoundly tight.