For comparison, June 2019 showed an Average Sold Price of $204k and a Median Sold Price of $170k. This was with June 2019 MOI at a still-tight 2.4. This year, Average Sold Price rose to $221k; Median Sold Price rose to $189k. Is that rise related to Luxury numbers? Perhaps, but not overwhelmingly. June 2020 Luxury (0ver $500k) MOI fell to 4.1 (vs. 10.5 in June 2019). Inventory sits at 98 units. But Luxury Median Sales Price actually fell from $595k to $593k, suggesting the price shift in the wider market isn’t the result of a few multi-million dollar properties weighing on the data.
It’s not hard to assume that the lowest 30-year mortgage rates in 50+ years affected prices as well.
Our Mover’s Moving index hit 150 for June; a sign that summer (even a weird 2020 summer) is upon us.