Average Sales Price Per Square Foot Up 8% in Last 6 Months

I wonder how many people twelve months ago were expecting the average sales price per square foot to be essentially unchanged a year later. Most observers, and especially the iBuyers, were in abject despair after the quick price decline that occurred between June and August 2022.

To be pedantic, we are actually 20 cents lower today than a year ago, but in the last 12 months the average $/SF dropped as low as $264.17 in the second week of 2023, only to recover by almost 8% in the 7 months since then.

An 8% rise when demand is far below normal reminds us of the important effect of the chronic lack of supply in our housing market.

The average $/SF is up almost 48% from the same point in 2020. It is not a bubble, so it is not bursting