Nationwide, existing home sales were down slightly in August, falling 2% after two
consecutive months of increases, according to the National Association of
REALTORS®. The decline in existing home sales coincides with rising sales prices,
which have continued to soar into fall, with the median sales price of existing homes
up 14.9% compared to last year. Declining affordability has had a significant impact
on homebuyers, many of whom have been priced out of the market and are
choosing to wait for sales prices to ease before resuming their home search.
New Listings were up 8.5 percent to 1,575. Pending Sales increased 14.1 percent to
1,465. Inventory shrank 21.0 percent to 1,457 units.
Prices moved higher as Median Sales Price was up 13.2 percent to $237,750. Days
on Market decreased 53.7 percent to 19 days. Months Supply of Inventory was
down 33.3 percent to 1.0 months, indicating that demand increased relative to
There are signs the market may be shifting, however. New listings have continued to
hit the market, bucking seasonality trends commonly seen in the fall, a time when
listing and sales activity typically slows as children return to school. As inventory
increases, competition for homes may soften, and could even bring a moderation in
sales prices, which, after 114 months of year-over-year gains, would be music to the
ears of homebuyers throughout the country.
Information courtesy of CMLS*