In May inventory went up by around 19%. That trend continued in June but at a slightly lower rate, with an 11.4% increase. As of July 1st, we had 770 listings on the market, compared to the June 1st figure of 691.

Home values in Prescott continued to fall just slightly by 1.82%. There was a slight uptick in Prescott Valley which could be caused by the influx of newer construction that has been selling out there. Chino Valley fell by 2.7%.

The average number of days a home is on the market has been fairly constant, hovering right around the 60 day mark. Last month it was 56 days.

As we rolled into June, inventory was up 58% year-on-year, giving you a bigger picture as to what inventory looks like now, compared with a year ago. Some sellers are surprised that their home hasn't yet sold in the time they envisioned and are wondering what's wrong.

We are still seeing a lot of price reductions, but keep in mind when you look at the numbers that they don't always correlate directly to what we're seeing in activity and price adjustments. Even though we are seeing price reductions daily across the market, that doesn't necessarily directly relate to the average sales price. It often means that some sellers may have been just a little optimistic when they first listed and are simply trying to find the true market price.

Right now the supply of homes in the market is still hovering around three months. Pending sales for June were down by 11% compared to May. This could be a little seasonality that I have seen before in my 18 years in this market. It's not uncommon for there to be a little bit of a slow down at this time, due in part to families traveling etc. We will have a better update on this for you next month.

If you have any questions at all, please reach out and contact us at 928-237-4425. We'd love to help you in any way we can.

Have a great day,
Geoff

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