📣📣 WE DID IT!! 📣📣 NWA set a new RECORD HIGH for residential real estate sold in any single month!! We surpassed the $475M mark in June!
We've made it half way through the year, and generally speaking, the market is still fairly consistent with the activity of last month. Outside of the exciting history-making moment, there’s honestly not much interesting to say about June.
Many metrics saw marginal, or even no change, from May. Expired listings were the only statistic that had a double-digit percentage change from last month. There is no way for me to prove this, but we suspect the 13% increase in expired listings are from listings that started in January and were scheduled to run for a six-month period (a very common listing timeframe/duration). However, given the months of inventory stayed at 3, there are still plenty of buyers out there, so the jump in expired listings does not appear to be a sign of a drastic shift in the market.
The only other thing of note is new listings dropped 18% from a year ago; which I believe is a sign of the number of owners wanting to take advantage of their accrued equity over recent years has started to slow.
All in all, thing seem to be stable. That said, the market is cyclical, and June is historically the “peak” of the annual cycle for real estate sales. We expect July will still have a good showing, but We anticipate the cycle will hold true, and July will have slightly lower numbers than June. We shall see!