Closed Sales decreased 24.7 percent for Detached homes but increased 13.9 percent for Attached homes. Pending Sales decreased 30.9 percent for Detached homes but increased 9.7 percent for Attached homes.
The Median Sales Price was up 20.7 percent to $916,250 for Detached homes and 14.3 percent to $600,000 for Attached homes. Days on Market decreased 29.2 percent for Detached homes and 40.9 percent for Attached homes.
Supply decreased 57.1 percent for Detached homes and 46.2 percent for Attached 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-overyear gains, would be music to the ears of homebuyers throughout the country.
Quick Recap: 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.
