The monthly housing market update for July 2022 is now available for the

NW Florida / Pensacola MLS Region. 

• Both Average and Median sale prices decreased from previous month.
• Median sales price was $325,000 - down from from $340,000 in June 2022 and up from $279,950 one year ago.
• Monthly average sales price was $387,014 at month end- down from $412,499 in June 2022 (a 6.18% month to month decrease) and up from $342,183 one year ago (a 13.1% year to year increase).

Inventory still on the rise

• Slight increase in inventory this month from previous month
• 1687 homes listed at July 2022 month end
• Up from 1620 at June 2022 month end
• Up from 1060 one year ago in July 2021
• 963 homes sold in July with 2782 contingent & pending sales at month end

The continuing increase in inventory means that we could soon see possible decreases in home prices.  Mortgage rates are expected to continue to rise which will cause some Buyers to leave the market or pause searches while waiting for prices to drop.  Both Buyers and Sellers should be aware that appraisers will most likely be more stringent and will be taking into account changing market conditions when they prepare valuations. 

The average days on market decreased from 17 days in June 2022 to 15 days in July 2022.    This is down from 17 days on market in July 2021.