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 11.1 percent for Single Family homes and 17.0 percent for Townhouse/Condo homes.
- Pending Sales decreased 5.9 percent for Single Family homes but increased 15.0 percent for Townhouse/Condo homes.
- Inventory decreased 38.1 percent for Single Family homes and 54.6 percent for Townhouse/Condo homes.
- Median Sales Price increased 17.9 percent to $495,000 for Single Family homes and 13.2 percent to $215,000 for Townhouse/Condo homes.
- Median Time to Contract decreased 35.0 percent for Single Family homes and 58.5 percent for Townhouse/Condo homes.
- Months Supply of Inventory decreased 46.4 percent for Single Family homes and 68.8 percent for Townhouse/Condo homes.
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.
