The increase defies several signs of a market cool-off.
shows that the detached-home average rose again last month — and the median price did, too.
This bump defies plenty of other DMAR stats. For example, the 5,674 new detached-home listings in June represents a substantial 14.28 percent hike from the 4,965 put on sale in May. Moreover, the 3,520 pending sales and 3,574 transactions considered closed tumbled by 16.07 percent and 13.15 percent, respectively, on a month-over-month basis — indications that the feverish demand that's marked the local real estate scene for the majority of 2022 may finally have started to wane.
But in both November and December, the average again broke the $700,000 barrier, landing at $703,847 and $704,716, respectively, before descending to $688,127 in January. This drop proved short-lived, however: The February 2022 average, adjusted to $738,472, was the highest ever recorded by DMAR, and March hit $793,836, which seemed like a stunning amount at the time. But April's figure left it in the dust, and the rise continues.
The average number of days that detached homes lingered on the Multiple Listings Service, or MLS, was ten in June, as compared to nine in May, and the median stay ratcheted from four days in May to five in June. Meanwhile, the typical price at closing in June was 102.96 percent — better than the tweaked 105.27 percent figure for May, but not exactly an indication that bidding wars are a thing of the past.
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