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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 decreased 10.4 percent for single-family homes and 10.4 percent
for townhouse-condo properties. Pending Sales increased 0.4 percent for singlefamily
homes but decreased 11.3 percent for townhouse-condo properties.
Inventory decreased 40.5 percent for single-family homes and 47.7 percent for
townhouse-condo properties.
The Median Sales Price was up 15.7 percent to $395,000 for single-family
homes and 0.5 percent to $284,050 for townhouse-condo properties. Days on
Market decreased 35.6 percent for single-family homes and 33.3 percent for
townhouse-condo properties. Months Supply of Inventory decreased 41.7
percent for single-family homes and 46.2 percent for townhouse-condo
properties.
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-overyear
gains, would be music to the ears of homebuyers throughout the country.