For July, single-family home sales were down 10% to 252 sold homes. For the seven months of 2022, home sales are down 10% year over year. Compared to 2019, sales are down 1.5%.
In a recent presentation by the National Association of REALTORS®, Chief Economist Lawrence Yun, revised his predictions for 2022 for a 13% decline in year over year homes sales and a 0 gain/decline for 2024.
Prices continue to increase, with the average sold price in Boone County up 13%, to $327,553 and the median sold price up 10% to $279,900. Since July 2019, the average price of a home in Boone County has risen by just over $98,000, an increase of 43%.
Days on market (DOM) were even with last year at 13 days, but DOM fluctuates based upon price range. Home prices below $350k averaged ten days on the market, and homes $350K to $750K averaged 24 days. Homes selling between $450k to $499k had the highest DOM at 55 days.
The number of months supply of homes on the market increased 24% to 1.38 months, but still 50% below the average supply of homes posted in July during the last ten years. The increased home supply on the market is strictly a result of the decline in sales, as new listings this July shrank by 7% over last year.
The number of building permits was close to last year, although the City of Columbia had a steep decline in permits, while Boone County and Ashland permits increased last month. For 2022, building permits for all three areas are down 25%
Mortgage rates for a 30Yr FRM have been as low as around 5% the last few weeks, with rates currently around 5.25%. Mortgage rates could remain more stable over the next few weeks and begin to move up or down as we get closer to the Federal Reserve meeting in late September (there is not an August meeting). The economy is still showing signs of increasing inflation.
One item of note for the July stats was not one single-family home sold in Boone County for under $100K. This is the first time I’ve seen this happen, but as prices continue to escalate, I’m sure it will be more common. Last July, there were five sales under $100k.
Source – Columbia Board of Realtors CEO, Brian Toohey, MBA, RCE, ePro