The year over year changes are starting to show substantial changes from 2022, but these drastic differences have been expected because of the unusual nature of the first half of 2022. The real estate market is proving to be very resilient with home prices staying relatively flat over the past 7 months and inventory continuing to stay low compared to historical standards.
The average home price of $720,084 was down slightly from February 2022, but was actually up from $687,635 in January. There is always slight variation from month to month, but the February price was not substantially different than the $739,357 average price in August 2022. Prices peaked at $819,611 in April of 2022 but fell quickly in May, June and July.
Homes available for sale are up substantially from February 2022, but the 2,384 homes available for sale at the end of February is still 29.4% below the 5 year pre-COVID average (2015-19) of 3,375 homes available for sale at the end of February. Inventory continues to remain low because fewer home owners are listing their homes for sale. The 2,210 homes listed for sale in February 2023 were 26.4% below the 5 year pre-COVID average of 3,003 homes listed for sale in February. The low inventory levels will continue to support current home prices for the foreseeable future.
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