Selective market.
Clear opportunities.

July’s data indicates a slower market across both property types, with lower closed sales, longer marketing times, and downward pressure on median sale prices. At the same time, inventory remained below year-ago levels in both segments, reflecting a market with limited new supply but more measured buyer activity.

In the single-family segment, new listings fell 13.7%, and inventory declined 8.9%, while pending sales edged up 1.2%. That suggests buyer interest remained present, but closed sales fell 15.9%, indicating that demand was not translating into completed transactions at the same pace as last year. Median days on market increased to 50, and months of supply declined to 3.9 months. Even with tighter supply, the median sale price fell 11.7% to $547,000, indicating that buyers are taking more time and appear increasingly price-sensitive and selective.

The condo/villa segment showed a similar pattern, though with even weaker closed activity. New listings fell 24.0%, and inventory declined 4.2%, while pending sales increased 5.1%. However, closed sales dropped 27.9%, median days on market rose to 57, and the median sale price declined 11.2% to $368,450. Months of supply eased to 5.4 months, but the segment still carried more relative supply than single-family homes. The increase in pending sales may indicate some near-term demand improvement, but July closings show that the segment remained softer overall.

Taken together, the July numbers reflect a market in which supply is still constrained, but that constraint is not producing stronger pricing or faster transactions. Buyers remain active, but they are moving with greater caution and selectivity. In this environment, pricing strategy, property condition, and competitive positioning are likely playing a larger role in determining whether a listing attracts timely offers and moves successfully to closing.