Rising mortgage rates and inflation in the wider economy caused housing demand to drop sharply in June, forcing home prices to cool down.

Home prices are still higher than they were a year ago, but the gains slowed at the fastest pace on record in June. Price gains are still strong because of an imbalance between supply and demand. The housing market has had a severe shortage for years. Prices are not expected to fall nationally, given a stronger overall housing market, but higher mortgage rates are certainly taking their toll.

In July, inventory levels continue to increase. We had a total of 210 homes on the market, that's 48.9% higher compared to the same time last year, but still low compared to pre-pandemic levels. We saw a decrease on the number of homes that sold, as well as the number of homes that went under contract this month. Properties are sitting on the market a little longer, compared to last year, but the housing market still seems stable and moving at a healthy pace.

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This Month’s Must See Home for Sale

The choice for July's must-see home of the month is 701 Michael Dr, listed at $979,000. Positioned in an idyllic location on Michael Dr backing to a picturesque meadow. This home is within walking distance to the Tahoe Keys Marina and your very own boat slip #J-14 which will accommodate up to a 32' boat. On the first level you will find the stylish kitchen with black granite countertops, a family room with a river rock fireplace and cocktail bar, a cute half bath, and 1 bedroom. Continuing into the living room and dining area you will find vaulted knotty pine ceilings, a romantic gas fireplace, and 3 skylights pouring in an abundance of natural light. Upstairs features 3 bedrooms and 2 full baths all with a splash of color. The primary bedroom has a barn wood accent wall, dual vanity sinks with granite tile, and a private balcony overlooking the meadow. The large back deck is great for entertaining during summer BBQ's and the views never get old. 

701 Michael Dr - Why you should love it

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This Month’s Most Expensive Home for Sale

The most expensive new listing that entered the market this month was 30 Lake Parkway #7, listed at $4,450,000. This home was built in 2020 and it features 6 Bedrooms / 5 Bathrooms / 3,616 Sq Ft / 2 Car Garage.  Welcome to Gondola Vista - 20 luxury residences that border the acclaimed Heavenly Ski Resort, Van Sickle State Park, Heavenly Village, and Gondola. Recently completed, these four, five, and six-bedroom homes are professionally designed, fully furnished, and are all active in a short-term vacation rental program. The sandy shores of Lake Tahoe are just a few blocks away. Gondola Vista is tucked away in a private and luxurious setting with units taking advantage of the gondola, lake, and mountain views. Strategically located in the tourist corridor, allowing owners the rare ability for short-term vacation rentals, this boutique luxury collection is a priceless asset now and in the future. 

Homes for sale - 30 Lake Parkway #7, South Lake Tahoe, CA

View photos and detailed information for 30 Lake Parkway #7, South Lake Tahoe, CA 96150, M...

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This Month’s Least Expensive Home for Sale

The least expensive new listing that entered the market this month was 516 Emerald Bay Rd #422, listed at $288,000. This complex was built in 1972 and this unit features 1 Bedroom / 1 Bathroom / 678 Sq Ft. St Francis of the woods condo with one bedroom and one bath conveniently located adjacent to miles of trails to the meadow and Fallen leaf lake. This is a second floor unit with a nice deck overlooking the pool in building four located in the back of the complex. This location is perfect for anyone looking to be close to Lake Tahoe beaches, biking and hiking trails, shopping, restaurants and Camp Richardson resort. This cute condo sells furnished and is a perfect getaway. The St Francis complex has a large common area including a pool and spa. 

Homes for sale - 516 Emerald Bay Rd #422, South Lake Tahoe, CA

View photos and detailed information for 516 Emerald Bay Rd #422, South Lake Tahoe, CA

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