San Diego, CA - June 21, 2023
Graduation caps being tossed in the air signifies the beginning of the Summer Market for housing. With the school year ending, it is time to usher in all the distractions of summer: the beach, the community pool, hiking, biking, camping, traveling, and all kinds of camps for the kids. As everyone turns their attention to fun in the sun, the housing market evolves and downshifts slightly.
The May housing market is typically one of the hottest months of the year for housing, if not the hottest. With May comes the passing of the peak time for buying and selling a house: Spring Time. With the Summer Market approaching, buyers and sellers can expect an increase in inventory, a slight decrease in demand, and a rise in market time. Many buyers are looking to take advantage of a slowed housing market, but the market is lining up to favor sellers for the remainder of the Summer.
Inventory numbers measured in at roughly 2,000 homes at the start of May, and by month's end, had turned around the downward pattern, now climbed to 2,200 homes. This marks the first month of the year when the inventory is greater at the end of the month than at the beginning. Look for the inventory to continue rising over the next few months.
May demand started with about 1,950 pending sales and had fallen by roughly 5% throughout the month, resulting in an end-of-May level of 1,850 pending sales. The demand peak for 2023 will likely stay around the 1,900 home mark. From 32 days on May 1st to 37 days on the 31st, the Expected Market Time has begun to slow as we hit the Summer Market. This is only a slight change in the pace of the market, with the balance between buyers and sellers pointing towards sellers. Sellers are still in control of the negotiating process, even with the slowing housing pace in the market today. Click here to download the report,
Graduation caps being tossed in the air signifies the beginning of the Summer Market for housing. With the school year ending, it is time to usher in all the distractions of summer: the beach, the community pool, hiking, biking, camping, traveling, and all kinds of camps for the kids. As everyone turns their attention to fun in the sun, the housing market evolves and downshifts slightly.
The May housing market is typically one of the hottest months of the year for housing, if not the hottest. With May comes the passing of the peak time for buying and selling a house: Spring Time. With the Summer Market approaching, buyers and sellers can expect an increase in inventory, a slight decrease in demand, and a rise in market time. Many buyers are looking to take advantage of a slowed housing market, but the market is lining up to favor sellers for the remainder of the Summer.
Inventory numbers measured in at roughly 2,000 homes at the start of May, and by month's end, had turned around the downward pattern, now climbed to 2,200 homes. This marks the first month of the year when the inventory is greater at the end of the month than at the beginning. Look for the inventory to continue rising over the next few months.
May demand started with about 1,950 pending sales and had fallen by roughly 5% throughout the month, resulting in an end-of-May level of 1,850 pending sales. The demand peak for 2023 will likely stay around the 1,900 home mark. From 32 days on May 1st to 37 days on the 31st, the Expected Market Time has begun to slow as we hit the Summer Market. This is only a slight change in the pace of the market, with the balance between buyers and sellers pointing towards sellers. Sellers are still in control of the negotiating process, even with the slowing housing pace in the market today. Click here to download the report,
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