Sales in July decreased by 2% compared to last year, with notable declines in the $800,000 – $1,500,000 price range offsetting gains in other segments. This month saw 491 sales with 1,223 new listings, leading to a drop in the sales-to-new-listings ratio to 40%. Increased inventory levels pushed the months-of-supply to nearly four months, the highest for July since 2010, adding downward pressure on home prices. The unadjusted benchmark price for July was $780,700, marking a second consecutive monthly decline and nearly 4% below last year’s levels.
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