Single-family home sales in July were down 5% in Boone County compared to this time last year, with 239 homes sold. For the fourth month in a row, new construction exceeded sales from the previous year, while existing home sales have lagged every month since January 2022, falling 12% last month to 204. The National Association of REALTORS® (NAR) announced that existing sales fell nationally by 2.2% from last year, and the number of homes for sale in July was the lowest level since 1999. Sold homes in the city limits of Columbia fell 9%, with 161 homes sold, and again, new construction sales rose, while existing home sales plummeted 18%.
Year-to-date, year-over-year single-family home sales are down 18%. Compared to 2019, sales are down 19%. Prices continue to increase year over year.
The median sales price for Boone County set another record last month at $315,900, jumping 13% from last year, while the average price was up 6% to $348,519. In Columbia, the median price posted a whopping 19% gain over last year to $333,000, and the average price was up 9% to $365,996.
Compared to NARs numbers, Boone County is still below the national existing median home sale price of $406,700 by 24%, at $310,000. Columbia is below by 20%, at $325,000.
Pending listings were down last month by 11% to 182 homes under contract. Not a surprise as showings were down from last July by 2.3%, and new listings hitting the market were also down 16%. Year-to-date, new listings are down 15%, and compared to 2019, down 25%.
Days on market (DOM) increased by 71% to 24 days, but as usual, still far below the average DOM for July. For the most part, DOMs are higher for more expensive priced homes, as the average DOM for homes above $450k has an average DOM of 40 days.
The months supply of inventory was down 10%, but this is another statistic that keeps increasing but is far below the average for July. Also, inventory levels slightly increased in higher price ranges above $350K.
Building permits in July for Boone County, Ashland, and Columbia were down 16%, and year-to-date are down 19%. Since April, there have only been a total of seven single-family permits pulled in Ashland. Permits in the county are up for the year by 5%, while permits in Columbia are down 25%, adding to our inventory problems.
As most of you probably know, mortgage rates remain stubbornly higher than they should be based on the US 10-year Treasury Bond yield. Weekly mortgage rates announcements will come out tomorrow, but it will show rates are still elevated, close to 7.4% for a 30 Yr. FRM., which has caused a 30% drop in mortgage applications from this time last year and a 4.2% drop from last week. However, rates for a 30 Yr. FRM have been above 7% all of August, and for the first three weeks of August, showings are up 7.4%, and pending listings are in line with this time last year, even with a 30 Yr. FRM being over a percent higher than last year.
SOURCE – COLUMBIA BOARD OF REALTORS CEO, BRIAN TOOHEY, MBA, RCE, EPROKEYWORDS —
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