Single family homes in Summit County continued to decrease in price YOY at -10.5% going from over $2M in August 2021, to just under $1.9M in August 2022. At the same time the number of closed sales dropped by 32.4% and inventory went up from 101 homes a year ago to 195 homes in August 2022, or a 93.1% increase! Combined this continues to see a shift in the single family home market from the height of the Covid market.
Similar to what we saw in July, condos and townhomes differed from single family homes with prices increasing by 16.2%. Closed sales and inventory showed the same trend as SFH, with closed sales decreasing from 136 in August 2021 to 97 in August 2022 and inventory increasing by 30%. Even though prices continued to go up, it was by much less of a percentage than in July, likely a mix of a normal seasonal change and the higher interest rates.