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 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 increased 4.8 percent for Single Family homes but decreased 4.1 Percent for Townhouse‐Condo homes. Pending Sales increased 8.7 percent for Single Family homes and 15.7 percent for Townhouse‐Condo homes. Inventory decreased 10.0 percent for Single Family homes and 36.2 percent for Townhouse‐Condo homes.
Month’s Supply of Inventory decreased 18.8 percent for Single Family homes and 48.4 percent for Townhouse-Condo homes.
Median Sales Price increased 7.3 percent to $220,000 for Single Family homes but decreased 20.0 percent to $149,950 for Townhouse-Condo homes.
Days on Market decreased 50.0 percent for Single Family homes and 53.1 percent for TownhouseCondo homes.
There are signs the market may be shifting, however. New listings have continued to hit the market, buckling 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.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
