You would think that if we had a 46% reduction in closed sales that prices would be down as well. That is not the case given the issue of low inventory. There continues to be more demand than there is supply and that has created a floor for prices.
One interesting development is the difference between the number of homes for sale of single family homes vs attached homes (condos / townhomes). The graphs show the Chicagoland area, but this is similar when you pull individual towns for the most part.
You’ll see that the number of attached homes on the market in January 2023 was 26% LESS than in January of 2022. For single family homes, there were 4.6% MORE homes on the market compared to last January. Both single family and attached homes are well below the inventory levels in 2021.
The above difference in inventory has played a large role in prices for attached homes rising 5% in January compared to single family homes having stayed the same on a year over year basis.